There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 135 of 1977
| An act to prohibit certain mortgage lending practices by a credit granting institution; to prescribe the powers and duties of the commissioner of the financial institutions bureau in relation to those practices; to permit the establishment of local mortgage review boards; and to provide remedies and penalties.
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| Document | Description |
| Section 445.1601 | Definitions. |
| Section 445.1602 | Denying loan application or varying terms or conditions of loan contract; uniform application of policy or criteria; basis for consideration of loan application; minimum mortgage amount; minimum loan amount; opportunity to submit loan application; credit unions; written statement; compliance with equal credit opportunity act; application fee; copy of appraisal; copies of forms, reports, and correspondence; liability for error or omission; loan inquiry; pamphlet or document explaining criteria. |
| Section 445.1602a | Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment. |
| Section 445.1603 | Lending policies and criteria; loan application procedures and contract terms. |
| Section 445.1604 | Advantageous loan terms. |
| Section 445.1605 | Notice to loan inquirers or applicants; posting; contents. |
| Section 445.1606 | Repealed. 2002, Act 692, Eff. Mar. 31, 2003. |
| Section 445.1607 | Retention of records and documents. |
| Section 445.1608 | Violation; investigation; progress report; hearing; report; availability of information. |
| Section 445.1609 | Voluntary mortgage review boards; mandatory mortgage review boards. |
| Section 445.1610 | Rules. |
| Section 445.1611 | Injunction; damages; commissioner as party plaintiff; class actions prohibited. |
| Section 445.1612 | Violation; fine; costs of investigation; proceedings. |
| Section 445.1613 | Commencement of action; limitation. |
| Section 445.1614 | Effective date. |
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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