Michigan Compiled Laws Act 167 Of 1976 Disclosures As To Loans For Educational Purposes (390.1221 - 390.1224)

AN ACT to require certain lenders make certain disclosures in the making and collection of certain loans for educational purposes.

History: 1976, Act 167, Imd. Eff. June 25, 1976

Section 390.1221 Definitions.
As used in this act: (a) “Lender” means an institution of higher education, a vocational school, a state agency, or a financial or credit...
Section 390.1222 Delivery Of Written Statement To Borrower; Time; Contents.
(1) At the time a loan is made, and again immediately before a repayment schedule on the loan is signed by the borrower, the...
Section 390.1223 Disclosure Of Restrictive Policies Or Practices.
If a lender follows or adopts a policy or practice with respect to loans which restricts a repayment option or condition permitted to be...
Section 390.1224 Notice To Obligor Of Items Required To Be Disclosed.
A lender shall send a notice detailing the items required to be disclosed by section 2(1) to an obligor on a loan who requests...

Last modified: October 10, 2016