Michigan Compiled Laws Act 125 Of 1966 Annual Statements To Mortgagors (565.161 - 565.164)

An act to require mortgagees and their agents to furnish annual statements to mortgagors; to require mortgagees, vendors of land contracts, and their agents to make certain adjustments to escrow accounts; and to prescribe certain rights and duties.

History: 1966, Act 125, Eff. Mar. 10, 1967 ;-- Am. 1976, Act 112, Imd. Eff. May 14, 1976 ;-- Am. 1993, Act 285, Imd. Eff. Dec. 28, 1993

Section 565.161 Annual Statements To Mortgagor; When Required, Contents.
Where, by the terms of a mortgage on real property, the mortgagor is required to make periodic payments which include sums to be allocated...
Section 565.162 Annual Statements To Mortgagor; Exceptions To Furnishing.
The annual statement specified in section 1 is not required where the mortgagor is provided with a monthly billing form or mortgagor passbook either...
Section 565.163 Failure Of Mortgagee Or Agent To Pay Property Taxes; Liability For Penalties Or Fees.
If, pursuant to an agreement, a mortgagor has paid sufficient funds into an escrow account for the purpose of paying taxes on mortgaged real...
Section 565.164 Adjustment To Escrow Account.
(1) Not later than March 1, 1994, a mortgagee, a vendor of a land contract, or their agent shall adjust the escrow account maintained...

Last modified: October 10, 2016