Sec. 3.
If a lender follows or adopts a policy or practice with respect to loans which restricts a repayment option or condition permitted to be made available on the loan, the lender shall disclose this in the manner prescribed in section 2(1) and shall describe how the lender's policy or practice is more restrictive than that permitted.
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.