390.1221 Definitions. Sec. 1. As used in this act: (a) “Lender” means an institution of higher education, a vocational school, a state agency, or a financial or credit institution in this state which makes or has made loans for educational purposes. (b) “Loan” means a loan of money for educational purposes to a person enrolled […]
390.1222 Delivery of written statement to borrower; time; contents. Sec. 2. (1) At the time a loan is made, and again immediately before a repayment schedule on the loan is signed by the borrower, the lender shall deliver a written statement to the borrower describing in detail whether an option exists, and if so, who […]
390.1223 Disclosure of restrictive policies or practices. Sec. 3. If a lender follows or adopts a policy or practice with respect to loans which restricts a repayment option or condition permitted to be made available on the loan, the lender shall disclose this in the manner prescribed in section 2(1) and shall describe how the […]
390.1224 Notice to obligor of items required to be disclosed. Sec. 4. A lender shall send a notice detailing the items required to be disclosed by section 2(1) to an obligor on a loan who requests the information in good faith. Thirty days before a lender places a loan in default status, the lender shall […]
