MCL - Act 135 of 1977


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

The People of the State of Michigan enact:
Document Type Description
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Section 445.1606 Section Repealed. 2002, Act 692, Eff.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.