Mich. Comp. Laws § 460.1209
Loan; term; limitation; repayment; interest.
Michigan · Michigan Compiled Laws — CLEAN AND RENEWABLE ENERGY AND ENERGY WASTE REDUCTION ACT (Act 295 of 2008) · Status: effective
Cite this
- Citation
- Mich. Comp. Laws § 460.1209, Loan; term; limitation; repayment; interest, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1365529
- Permanent ID
ys:prov:1365529@1- SHA-256
982dcf897148df8610d6d1b0e263ff26aedbf2e51ba30a2c14cb38debeb46617
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(1) The term of a loan paid through a residential energy projects program shall not exceed the anticipated useful life of the energy project financed by the loan or 180 months, whichever is less. The loan shall be repaid in monthly installments.
(2) The lender shall comply with all state and federal laws applicable to the extension of credit for home improvements.
(3) If a nonprofit corporation makes loans to owners of property to be repaid under a residential energy projects program, interest shall be charged on the unpaid balance at a rate of not more than the adjusted prime rate as determined under section 23 of 1941 PA 122, MCL 205.23, plus 4%.