Sec. 4.
This act shall not be construed to prohibit the United States, this state, a local governmental entity, an agency or instrumentality of any of the preceding entities, a nonprofit organization, or a credit granting institution acting with the permission of the commissioner, from offering more advantageous loan terms to a person, corporation, partnership, or other entity, or from making advantageous terms available on the basis of location in a specific geographic area when made available under the auspices of an organized housing program operated by the United States, this state, a local governmental entity, an agency or instrumentality of any of the preceding entities, a nonprofit corporation, or a credit granting institution.
History: 1977, Act 135, Eff. July 1, 1978
Structure Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 135 of 1977 - Mortgage Lending Practices (445.1601 - 445.1614)
Section 445.1601 - Definitions.
Section 445.1603 - Lending Policies and Criteria; Loan Application Procedures and Contract Terms.
Section 445.1604 - Advantageous Loan Terms.
Section 445.1605 - Notice to Loan Inquirers or Applicants; Posting; Contents.
Section 445.1606 - Repealed. 2002, Act 692, Eff. Mar. 31, 2003.
Section 445.1607 - Retention of Records and Documents.
Section 445.1609 - Voluntary Mortgage Review Boards; Mandatory Mortgage Review Boards.
Section 445.1611 - Injunction; Damages; Commissioner as Party Plaintiff; Class Actions Prohibited.
Section 445.1612 - Violation; Fine; Costs of Investigation; Proceedings.