Michigan Compiled Laws § 500.1932 Servicing Facility; Establishment; Reimbursement For Expenses And Payments; Functions; Approval; Member Licensee As Servicing Facility.

500.1932 Servicing facility; establishment; reimbursement for expenses and payments; functions; approval; member licensee as servicing facility.

Sec. 1932.

(1) In accordance with its bylaws, an association may establish an independent office as a servicing facility. Each servicing facility shall be reimbursed by the association for expenses incurred and for any payments made on behalf of the association. Each servicing facility may perform any of the functions of the association that officers of the association may lawfully delegate to it. In performing functions delegated to it, the facility shall act on behalf of, and in the name of, the association.

(2) Designation of servicing facilities shall be subject to the approval of a commissioner. A member licensee may serve as the servicing facility.

History: Add. 1980, Act 341, Eff. June 23, 1981
Popular Name: Act 218

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Last modified: October 10, 2016