Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 135 of 1977 - Mortgage Lending Practices (445.1601 - 445.1614)

Section 445.1601 - Definitions. - Sec. 1. As used in this act: (a) "Annual percentage...

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 L... - Sec. 2. (1) Except on the basis of written policies...

Section 445.1602a - Property/casualty Insurance as Condition to Loan; Limitation on Amount Required; Amount as Condition of Sale, Transfer, or Assignment. - Sec. 2a. (1) Except as provided in subsection (2), a...

Section 445.1603 - Lending Policies and Criteria; Loan Application Procedures and Contract Terms. - Sec. 3. (1) Except as otherwise prohibited in section 2,...

Section 445.1604 - Advantageous Loan Terms. - Sec. 4. This act shall not be construed to prohibit...

Section 445.1605 - Notice to Loan Inquirers or Applicants; Posting; Contents. - Sec. 5. (1) A credit granting institution shall post a...

Section 445.1606 - Repealed. 2002, Act 692, Eff. Mar. 31, 2003. - Compiler's Notes: The repealed section pertained to institution subject to...

Section 445.1607 - Retention of Records and Documents. - Sec. 7. A credit granting institution shall retain, for a...

Section 445.1608 - Violation; Investigation; Progress Report; Hearing; Report; Availability of Information. - Sec. 8. (1) If in the opinion of the commissioner...

Section 445.1609 - Voluntary Mortgage Review Boards; Mandatory Mortgage Review Boards. - Sec. 9. (1) The commissioner shall encourage credit granting institutions...

Section 445.1610 - Rules. - Sec. 10. The commissioner may promulgate rules as to the...

Section 445.1611 - Injunction; Damages; Commissioner as Party Plaintiff; Class Actions Prohibited. - Sec. 11. (1) A person may commence an action in...

Section 445.1612 - Violation; Fine; Costs of Investigation; Proceedings. - Sec. 12. If the commissioner finds that a credit granting...

Section 445.1613 - Commencement of Action; Limitation. - Sec. 13. An action shall not be commenced under this...

Section 445.1614 - Effective Date. - Sec. 14. This act shall not take effect until July...