2010 Michigan Compiled Laws
Chapter 445 - TRADE AND COMMERCE
Act 135 of 1977 - MORTGAGE LENDING PRACTICES (445.1601 - 445.1614)
Section 445.1607 - Retention of records and documents.
MORTGAGE LENDING PRACTICES (EXCERPT)Act 135 of 1977
445.1607 Retention of records and documents.
Sec. 7.
A credit granting institution shall retain, for a period of 25 months after a loan application has been submitted or until the loan is repaid, whichever is earlier, a complete record of each loan application which has been accepted, rejected, or varied and the reason for the application's rejection or variation, together with any other documents relating to the application. Records and documents retained under this section shall be maintained in a reasonable manner to enable the commissioner or the commissioner's representatives to locate information pertinent to a given complaint.
History: 1977, Act 135, Eff. July 1, 1978
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.
