Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 351 of 1984 - Due-on-Sale Clauses (445.1621 - 445.1629)

Section 445.1621 - Definitions. - Sec. 1. As used in this act: (a) "Assumed" means...

Section 445.1622 - Enforcement of Due-on-Sale Clause Generally. - Sec. 2. Except for a residential window period loan, a...

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. - Sec. 3. (1) Before a sale or transfer of property...

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. - Sec. 4. (1) If a lender is not entitled to...

Section 445.1625 - Limitations on Enforcement of Due-on-Sale Clause During Term of Land Contracts or Second Mortgages. - Sec. 5. (1) With respect to any residential real property...

Section 445.1626 - Circumstances Under Which Enforcement Prohibited. - Sec. 6. A lender shall not enforce a due-on-sale clause...

Section 445.1626a - Consent to Sale or Transfer of Real Property Subject to Residential Window Period Loan Containing Due-on-Sale Clause. - Sec. 6a. Nothing in this act shall be construed to...

Section 445.1627 - Contract for Sale or Transfer of Residential Property Subject to Mortgage; Provisions in Boldface Type. - Sec. 7. Each contract for the sale or transfer of...

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'... - Sec. 8. (1) A lender who knowingly enforces or attempts...

Section 445.1629 - Effective Date. - Sec. 9. This act shall take effect October 15, 1985....