Mich. Comp. Laws § 493.79a
Applicability of act to nonprofit corporation.
Michigan · Michigan Compiled Laws — THE SECONDARY MORTGAGE LOAN ACT (Act 125 of 1981) · Status: effective
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- Mich. Comp. Laws § 493.79a, Applicability of act to nonprofit corporation, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1367046
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Full text
(1) This act does not apply to a nonprofit corporation that makes, brokers, or services mortgage loans in connection with a neighborhood housing program assisted under the neighborhood reinvestment corporation act, title VI of Public Law 95-557, 42 U.S.C. 8101 to 8107.
(2) This act does not apply to a nonprofit corporation that makes or services secondary mortgage loans only in connection with mortgages made under a program described in section 25a(1)(b) and (c) of the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1675a, if the commissioner has determined that the nonprofit corporation is exempt from that act under section 25a of the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1675a.