2010 Michigan Compiled Laws
Chapter 445 - TRADE AND COMMERCE
Act 660 of 2002 - CONSUMER MORTGAGE PROTECTION ACT (445.1631 - 445.1645)

CONSUMER MORTGAGE PROTECTION ACT
Act 660 of 2002
AN ACT to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of the lender in a home loan transaction; to prescribe the powers and duties of certain state agencies and officials; and to prescribe penalties and provide for remedies.

History: 2002, Act 660, Imd. Eff. Dec. 23, 2002

• Section 445.1631 - Short title.
• Section 445.1632 - Definitions.
• Section 445.1633 - Compliance with state and federal laws.
• Section 445.1634 - Person making mortgage loan; prohibited conduct.
• Section 445.1635 - Mortgage loan with term less than 5 years; payment schedule.
• Section 445.1636 - “Borrowers Bill of Rights” document.
• Section 445.1637 - Credit counseling; notice.
• Section 445.1638 - Examinations and investigations by commissioner.
• Section 445.1639 - Violation of act.
• Section 445.1640 - Action by attorney general or prosecuting attorney.
• Section 445.1641 - Unintentional and bona fide error.
• Section 445.1642 - Enforcement not limited.
• Section 445.1643 - Model programs for financial education.
• Section 445.1644 - Municipal actions; statutory conflict; preemption; severability.
• Section 445.1645 - Standards; uniformity; preemption.