Go To Top capitol dome
Michigan Legislature
Michigan Compiled Laws Complete Through PA 341 of 2018

Michigan Legislature

Main Content

Act 135 of 1977
Search within this Statute for


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 ;-- Am. 1993, Act 43, Imd. Eff. May 27, 1993


© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 445.1601SectionDefinitions.
Section 445.1602SectionDenying 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 445.1602aSectionProperty/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment.
Section 445.1603SectionLending policies and criteria; loan application procedures and contract terms.
Section 445.1604SectionAdvantageous loan terms.
Section 445.1605SectionNotice to loan inquirers or applicants; posting; contents.
Section 445.1606SectionRepealed. 2002, Act 692, Eff. Mar. 31, 2003.
Section 445.1607SectionRetention of records and documents.
Section 445.1608SectionViolation; investigation; progress report; hearing; report; availability of information.
Section 445.1609SectionVoluntary mortgage review boards; mandatory mortgage review boards.
Section 445.1610SectionRules.
Section 445.1611SectionInjunction; damages; commissioner as party plaintiff; class actions prohibited.
Section 445.1612SectionViolation; fine; costs of investigation; proceedings.
Section 445.1613SectionCommencement of action; limitation.
Section 445.1614SectionEffective date.
up icon