MORTGAGE LENDING PRACTICES
Act 135 of 1977
An act to prohibit certain mortgage lending practices by a credit granting institution; to prescribe the powers and duties of the commissioner of the financial institutions bureau in relation to those practices; to permit the establishment of local mortgage review boards; and to provide remedies and penalties.
History: 1977, Act 135, Eff. July 1, 1978
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Am. 1993, Act 43, Imd. Eff. May 27, 1993
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
| Section 445.1601 | Section | Definitions. |
| Section 445.1602 | Section | Denying loan application or varying terms or conditions of loan contract; uniform application of policy or criteria; basis for consideration of loan application; minimum mortgage amount; minimum loan amount; opportunity to submit loan application; credit unions; written statement; compliance with equal credit opportunity act; application fee; copy of appraisal; copies of forms, reports, and correspondence; liability for error or omission; loan inquiry; pamphlet or document explaining criteria. |
| Section 445.1602a | Section | Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment. |
| Section 445.1603 | Section | Lending policies and criteria; loan application procedures and contract terms. |
| Section 445.1604 | Section | Advantageous loan terms. |
| Section 445.1605 | Section | Notice to loan inquirers or applicants; posting; contents. |
| Section 445.1606 | Section | Repealed. 2002, Act 692, Eff. Mar. 31, 2003. |
| Section 445.1607 | Section | Retention of records and documents. |
| Section 445.1608 | Section | Violation; investigation; progress report; hearing; report; availability of information. |
| Section 445.1609 | Section | Voluntary mortgage review boards; mandatory mortgage review boards. |
| Section 445.1610 | Section | Rules. |
| Section 445.1611 | Section | Injunction; damages; commissioner as party plaintiff; class actions prohibited. |
| Section 445.1612 | Section | Violation; fine; costs of investigation; proceedings. |
| Section 445.1613 | Section | Commencement of action; limitation. |
| Section 445.1614 | Section | Effective date. |