445.1601 Definitions. Sec. 1. As used in this act: (a) “Annual percentage rate” means that term as defined in and determined under the truth in lending act, 15 USC 1601 to 1667f. (b) “Commissioner” means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs. (c) “Credit […]
445.1602 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 […]
445.1602a Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment. Sec. 2a. (1) Except as provided in subsection (2), a credit granting institution that requires a mortgagor to maintain property/casualty insurance as a condition to receiving a mortgage loan shall not require the amount of the […]
445.1603 Lending policies and criteria; loan application procedures and contract terms. Sec. 3. (1) Except as otherwise prohibited in section 2, lending policies and criteria of a credit granting institution used in the consideration of a loan application shall include without limitation the following: (a) Consideration of the credit eligibility of the applicant and the […]
445.1604 Advantageous loan terms. Sec. 4. This act shall not be construed to prohibit the United States, this state, a local governmental entity, an agency or instrumentality of any of the preceding entities, a nonprofit organization, or a credit granting institution acting with the permission of the commissioner, from offering more advantageous loan terms to […]
445.1605 Notice to loan inquirers or applicants; posting; contents. Sec. 5. (1) A credit granting institution shall post a written notice in a conspicuous place to reasonably apprise a loan inquirer or applicant of his or her rights under this act in the institution’s main office and each branch office or service center in the […]
445.1606 Repealed. 2002, Act 692, Eff. Mar. 31, 2003. Compiler’s Notes: The repealed section pertained to institution subject to Federal Home Mortgage Disclosure Act of 1975.
445.1607 Retention of records and documents. Sec. 7. A credit granting institution shall retain, for a period of 25 months after a loan application has been submitted or until the loan is repaid, whichever is earlier, a complete record of each loan application which has been accepted, rejected, or varied and the reason for the […]
445.1608 Violation; investigation; progress report; hearing; report; availability of information. Sec. 8. (1) If in the opinion of the commissioner a credit granting institution is violating or has violated this act, or upon receipt of a written complaint of an alleged violation of this act by a credit granting institution, the commissioner shall investigate the […]
445.1609 Voluntary mortgage review boards; mandatory mortgage review boards. Sec. 9. (1) The commissioner shall encourage credit granting institutions to cooperate with local citizen’s groups and governing bodies of local units of government in the formation and operation of voluntary mortgage review boards. The purpose of voluntary local mortgage review boards is to review complaints […]
445.1610 Rules. Sec. 10. The commissioner may promulgate rules as to the form of information required to be given, disclosed, or maintained under this act and as to the enforcement provisions of sections 8, 11, and 12. History: 1977, Act 135, Eff. July 1, 1978 Admin Rule: R 445.1001 et seq. of the Michigan Administrative […]
445.1611 Injunction; damages; commissioner as party plaintiff; class actions prohibited. Sec. 11. (1) A person may commence an action in the circuit court to seek an injunction for a violation or to seek damages for a violation of this act, or both. The commissioner may join as a party plaintiff in an action. A person […]
445.1612 Violation; fine; costs of investigation; proceedings. Sec. 12. If the commissioner finds that a credit granting institution has violated this act, the commissioner may assess a fine of not more than $2,000.00 for each violation, except that a credit granting institution which has violated section 2 shall be fined not more than $10,000.00 plus […]
445.1613 Commencement of action; limitation. Sec. 13. An action shall not be commenced under this act more than 2 years after the occurrence giving rise to the cause of action. History: 1977, Act 135, Eff. July 1, 1978
445.1614 Effective date. Sec. 14. This act shall not take effect until July 1, 1978. History: 1977, Act 135, Eff. July 1, 1978
