Section 445.1634 – Person Making Mortgage Loan; Prohibited Conduct.
445.1634 Person making mortgage loan; prohibited conduct. Sec. 4. (1) A person offering to make or making a mortgage loan shall not do either of the following: (a) Charge a fee for a product or service if the product or service is not actually provided to the customer. (b) Misrepresent the amount charged by or […]
Section 445.1635 – Mortgage Loan With Term Less Than 5 Years; Payment Schedule.
445.1635 Mortgage loan with term less than 5 years; payment schedule. Sec. 5. A mortgage loan with a term of less than 5 years shall not have a payment schedule with regular periodic payments that when aggregated do not fully amortize the outstanding principal balance. This section does not apply to loans with maturities of […]
Section 445.1631 – Short Title.
445.1631 Short title. Sec. 1. This act shall be known and may be cited as the “consumer mortgage protection act”. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
Section 445.1632 – Definitions.
445.1632 Definitions. Sec. 2. As used in this act: (a) “Commissioner” or “director” means the director of the department of insurance and financial services. (b) “Depository institution” means a bank, savings and loan association, savings bank, or credit union that is chartered under state or federal law. (c) “Home improvement installment contract” means an agreement […]
Section 445.1633 – Compliance With State and Federal Laws.
445.1633 Compliance with state and federal laws. Sec. 3. A person shall broker, make, or service mortgage loans in accordance with all applicable state and federal laws. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002