Federal and State Laws
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.
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