Michigan Compiled Laws Act 351 Of 1984 Due-on-sale Clauses (445.1621 - 445.1629)

• Section 445.1621 Definitions.
  As used in this act: (a) “Assumed” means transfers of real property subject to a real property loan by assumptions, land contracts, wrap-around loans,...
• Section 445.1622 Enforcement Of Due-on-sale Clause Generally.
  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...
• 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.
  (1) Before a sale or transfer of property securing a residential window period loan, which contains a due-on-sale clause, the following procedure shall be...
• 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.
  (1) If a lender is not entitled to enforce a due-on-sale clause in a residential window period loan under the procedures established in section...
• Section 445.1625 Limitations On Enforcement Of Due-on-sale Clause During Term Of Land Contracts Or Second Mortgages.
  (1) With respect to any residential real property loan, other than a residential real property loan originated by a federal savings and loan association,...
• Section 445.1626 Circumstances Under Which Enforcement Prohibited.
  A lender shall not enforce a due-on-sale clause in a residential real property loan in any circumstances under which enforcement is prohibited under section...
• Section 445.1626a Consent To Sale Or Transfer Of Real Property Subject To Residential Window Period Loan Containing Due-on-sale Clause.
  Nothing in this act shall be construed to prohibit a lender, either before or after making a determination of the creditworthiness of a proposed...
• Section 445.1627 Contract For Sale Or Transfer Of Residential Property Subject To Mortgage; Provisions In Boldface Type.
  Each contract for the sale or transfer of residential property which is subject to a mortgage shall provide in boldface type substantially as follows:...
• 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' Fees.
  (1) A lender who knowingly enforces or attempts to enforce a due-on-sale clause in violation of this act shall be liable for a civil...
• Section 445.1629 Effective Date.
  This act shall take effect October 15, 1985. History: 1984, Act 351, Eff. Oct. 15, 1985

Last modified: October 10, 2016