There is a newer version of the Michigan Compiled Laws
2010 Michigan Compiled Laws
Chapter 445 - TRADE AND COMMERCE
Act 135 of 1977 - MORTGAGE LENDING PRACTICES (445.1601 - 445.1614)
MORTGAGE LENDING PRACTICESAct 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.
History: 1977, Act 135, Eff. July 1, 1978
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Am. 1993, Act 43, Imd. Eff. May 27, 1993
- 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- Section 445.1606 - Repealed. 2002, Act 692, Eff.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.
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