Sec. 1.
As used in this act:
(a) "Lender" means an institution of higher education, a vocational school, a state agency, or a financial or credit institution in this state which makes or has made loans for educational purposes.
(b) "Loan" means a loan of money for educational purposes to a person enrolled or accepted for enrollment at an institution of higher education or a vocational school in this state, which loan is insured, reinsured, subsidized, guaranteed, or made by the state or an agency thereof, or which is insured, reinsured, subsidized, or guaranteed by the United States government or an agency thereof.
History: 1976, Act 167, Imd. Eff. June 25, 1976
Structure Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 167 of 1976 - Disclosures as to Loans for Educational Purposes (390.1221 - 390.1224)
Section 390.1221 - Definitions.
Section 390.1222 - Delivery of Written Statement to Borrower; Time; Contents.
Section 390.1223 - Disclosure of Restrictive Policies or Practices.
Section 390.1224 - Notice to Obligor of Items Required to Be Disclosed.