Sec. 7.
A credit granting institution shall retain, for a period of 25 months after a loan application has been submitted or until the loan is repaid, whichever is earlier, a complete record of each loan application which has been accepted, rejected, or varied and the reason for the application's rejection or variation, together with any other documents relating to the application. Records and documents retained under this section shall be maintained in a reasonable manner to enable the commissioner or the commissioner's representatives to locate information pertinent to a given complaint.
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Section 445.1606 - Repealed. 2002, Act 692, Eff.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.