Michigan · statute · 135 of 1977, Mich. Comp. Laws · 14 active provisions
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 granting i…
(1) Except on the basis of written policies or criteria uniformly applied to all neighborhoods within a particular standard metropolitan statistical area or within the county in areas outside a standard metropolitan statistical area, a credit granting institution shall not deny a loan application or vary the interest r…
(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 property/casualty insurance to be greater than the replacement cost of the mortgaged building or build…
(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 market value of a proposed security. (b) Co…
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…
(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 following language: Notice to inquirers and loan applicants You hav…
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 application's rejection or variation, togeth…
(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 alleged violation by the institution. The investigation shall…
(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 of rejected loan…
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.
(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 shall not be entitled to damages under this act unless that person has made a written loan applica…
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 the costs of the investigation. Each p…
An action shall not be commenced under this act more than 2 years after the occurrence giving rise to the cause of action.
This act shall not take effect until July 1, 1978.