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Michigan Compiled Laws Complete Through PA 170 of 2018
House: Adjourned until Wednesday, July 25, 2018 10:00:00 AM
Senate: Adjourned until Wednesday, July 25, 2018 10:00:00 AM

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Act 135 of 1977
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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.
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