Mich. Comp. Laws § 445.1635
Mortgage loan with term less than 5 years; payment schedule.
Michigan · Michigan Compiled Laws — CONSUMER MORTGAGE PROTECTION ACT (Act 660 of 2002) · Status: effective
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- Mich. Comp. Laws § 445.1635, Mortgage loan with term less than 5 years; payment schedule, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1362980
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Full text
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.