Michigan Laws 493.70 – Making or offering to make secondary mortgage loan; terms and conditions
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 493.70
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.51
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Registrant: means a person that is registered or required to register as a broker, lender, or servicer under this act. See Michigan Laws 493.51
A licensee or registrant shall not make or offer to make a secondary mortgage loan except on the terms and conditions authorized by this act and the rules promulgated under this act.