MCL - Act 351 of 1984
AN ACT to regulate the enforcement of due-on-sale clauses in certain real estate mortgages; and to provide penalties and remedies.
History: 1984, Act 351, Eff. Oct. 15, 1985
| Document | Type | Description |
|---|---|---|
| Section 445.1621 | Section | Definitions. |
| Section 445.1622 | Section | Enforcement of due-on-sale clause generally. |
| Section 445.1623 | Section | 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. |
| Section 445.1624 | Section | 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. |
| Section 445.1625 | Section | Limitations on enforcement of due-on-sale clause during term of land contracts or second mortgages. |
| Section 445.1626 | Section | Circumstances under which enforcement prohibited. |
| Section 445.1626a | Section | Consent to sale or transfer of real property subject to residential window period loan containing due-on-sale clause. |
| Section 445.1627 | Section | Contract for sale or transfer of residential property subject to mortgage; provisions in boldface type. |
| Section 445.1628 | Section | 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. |
| Section 445.1629 | Section | Effective date. |