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2017 Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 67 of 2012 NONRECOURSE MORTGAGE LOAN ACT (445.1591 - 445.1595)
Section 445.1594 Loan documents not containing nonrecourse loan provisions; use.
Universal Citation: MI Comp L § 445.1594 (2017)
445.1594 Loan documents not containing nonrecourse loan provisions; use.
Sec. 4.
This act does not prohibit a loan secured by a mortgage on real property located in this state from being fully recourse to the borrower or the guarantor, including, but not limited to, as a result of a post closing solvency covenant, if the loan documents for that loan do not contain nonrecourse loan provisions.
History: 2012, Act 67, Imd. Eff. Mar. 29, 2012
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