There is a newer version of the Michigan Compiled Laws
2015 Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 660 of 2002 CONSUMER MORTGAGE PROTECTION ACT (445.1631 - 445.1645)***** 445.1637 PLEASE SEE THE COMPILER'S NOTE REGARDING CONTACT INFORMATION *****
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.
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