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Act 351 of 1984
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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

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 445.1621SectionDefinitions.
Section 445.1622SectionEnforcement of due-on-sale clause generally.
Section 445.1623SectionProcedure 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 445.1624SectionAmendment 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 445.1625SectionLimitations on enforcement of due-on-sale clause during term of land contracts or second mortgages.
Section 445.1626SectionCircumstances under which enforcement prohibited.
Section 445.1626aSectionConsent to sale or transfer of real property subject to residential window period loan containing due-on-sale clause.
Section 445.1627SectionContract for sale or transfer of residential property subject to mortgage; provisions in boldface type.
Section 445.1628SectionViolation 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 445.1629SectionEffective date.
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