Michigan Compiled Laws
Act 351 of 1984 - Due-on-Sale Clauses (445.1621 - 445.1629)
Section 445.1622 - Enforcement of Due-on-Sale Clause Generally.

Sec. 2.
Except for a residential window period loan, a lender may enforce a due-on-sale clause in a real property loan in accordance with the terms of the loan contract. A lender shall enforce a due-on-sale clause in a residential window period loan only in accordance with sections 3 to 5.
History: 1984, Act 351, Eff. Oct. 15, 1985 ;-- Am. 1985, Act 136, Imd. Eff. Oct. 15, 1985

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 445 - Trade and Commerce

Act 351 of 1984 - Due-on-Sale Clauses (445.1621 - 445.1629)

Section 445.1621 - Definitions.

Section 445.1622 - Enforcement of Due-on-Sale Clause Generally.

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.

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.

Section 445.1625 - Limitations on Enforcement of Due-on-Sale Clause During Term of Land Contracts or Second Mortgages.

Section 445.1626 - Circumstances Under Which Enforcement Prohibited.

Section 445.1626a - Consent to Sale or Transfer of Real Property Subject to Residential Window Period Loan Containing Due-on-Sale Clause.

Section 445.1627 - Contract for Sale or Transfer of Residential Property Subject to Mortgage; Provisions in Boldface Type.

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'...

Section 445.1629 - Effective Date.