Michigan Compiled Laws Act 135 Of 1977 Mortgage Lending Practices (445.1601 - 445.1614)

• Section 445.1601 Definitions.
  As used in this act: (a) "Annual percentage rate" means that term as defined in and determined under the truth in lending act, 15...
• Section 445.1602 Denying Loan Application Or Varying Terms Or Conditions Of Loan Contract; Uniform Application Of Policy Or Criteria; Basis For Consideration Of Loan Application; Minimum Mortgage Amount; Minimum Loan Amount; Opportunity To Submit Loan Application; Credit Unions; Written Statement; Compliance With Equal Credit Opportunity Act; Application Fee; Copy Of Appraisal; Copies Of Forms, Reports, And Correspondence; Liability For Error Or Omission; Loan Inquiry; Pamphlet Or Document Explaining Criteria.
  (1) Except on the basis of written policies or criteria uniformly applied to all neighborhoods within a particular standard metropolitan statistical area or within...
• Section 445.1602a Property/casualty Insurance As Condition To Loan; Limitation On Amount Required; Amount As Condition Of Sale, Transfer, Or Assignment.
  (1) Except as provided in subsection (2), a credit granting institution that requires a mortgagor to maintain property/casualty insurance as a condition to receiving...
• Section 445.1603 Lending Policies And Criteria; Loan Application Procedures And Contract Terms.
  (1) Except as otherwise prohibited in section 2, lending policies and criteria of a credit granting institution used in the consideration of a loan...
• Section 445.1604 Advantageous Loan Terms.
  This act shall not be construed to prohibit the United States, this state, a local governmental entity, an agency or instrumentality of any of...
• Section 445.1605 Notice To Loan Inquirers Or Applicants; Posting; Contents.
  (1) A credit granting institution shall post a written notice in a conspicuous place to reasonably apprise a loan inquirer or applicant of his...
• Section 445.1606 Repealed. 2002, Act 692, Eff. Mar. 31, 2003.
  Compiler's Notes: The repealed section pertained to institution subject to Federal Home Mortgage Disclosure Act of 1975.
• Section 445.1607 Retention Of Records And Documents.
  A credit granting institution shall retain, for a period of 25 months after a loan application has been submitted or until the loan is...
• Section 445.1608 Violation; Investigation; Progress Report; Hearing; Report; Availability Of Information.
  (1) If in the opinion of the commissioner a credit granting institution is violating or has violated this act, or upon receipt of a...
• Section 445.1609 Voluntary Mortgage Review Boards; Mandatory Mortgage Review Boards.
  (1) The commissioner shall encourage credit granting institutions to cooperate with local citizen's groups and governing bodies of local units of government in the...
• Section 445.1610 Rules.
  The commissioner may promulgate rules as to the form of information required to be given, disclosed, or maintained under this act and as to...
• Section 445.1611 Injunction; Damages; Commissioner As Party Plaintiff; Class Actions Prohibited.
  (1) A person may commence an action in the circuit court to seek an injunction for a violation or to seek damages for a...
• Section 445.1612 Violation; Fine; Costs Of Investigation; Proceedings.
  If the commissioner finds that a credit granting institution has violated this act, the commissioner may assess a fine of not more than $2,000.00...
• Section 445.1613 Commencement Of Action; Limitation.
  An action shall not be commenced under this act more than 2 years after the occurrence giving rise to the cause of action. History:...
• Section 445.1614 Effective Date.
  This act shall not take effect until July 1, 1978. History: 1977, Act 135, Eff. July 1, 1978

Last modified: October 10, 2016