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 less than 1 year, if the purpose of the loan is a “bridge” loan connected with the acquisition or construction of a dwelling intended to become the borrower’s principal dwelling.
History: 2002, Act 660, Imd. Eff. Dec. 23, 2002