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2017 Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 351 of 1984 DUE-ON-SALE CLAUSES (445.1621 - 445.1629)
AN ACT to regulate the enforcement of due-on-sale clauses in certain real estate mortgages; and to provide penalties and remedies.
History: 1984, Act 351, Eff. Oct. 15, 1985
- Section 445.1621 Definitions.
- Section 445.1622 Enforcement of due-on-sale clause generally.
- Section 445.1623 Procedure before sale or transfer of property securing residential window period loan containing due-on-sale clause; fees; grounds for enforcement of due-on-sale clause; failure to follow procedure.
- Section 445.1624 Amendment of loan contract; rate of interest; monthly payments of principal and interest; execution, delivery, and effective date of amendment; lien priority; extending term of loan.
- Section 445.1625 Limitations on enforcement of due-on-sale clause during term of land contracts or second mortgages.
- Section 445.1626 Circumstances under which enforcement prohibited.
- Section 445.1626a Consent to sale or transfer of real property subject to residential window period loan containing due-on-sale clause.
- Section 445.1627 Contract for sale or transfer of residential property subject to mortgage; provisions in boldface type.
- Section 445.1628 Violation by lender; liability; action to recover civil fine; prohibited conduct by licensee; liability for civil fine; revocation of license; action for declaratory judgment or injunction; action for actual damages and attorneys' fees.
- Section 445.1629 Effective date.
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