Michigan Laws 565.162 – Annual statements to mortgagor; exceptions to furnishing
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Terms Used In Michigan Laws 565.162
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
The annual statement specified in section 1 is not required where the mortgagor is provided with a monthly billing form or mortgagor passbook either of which provides the escrow fund balance and record of expenditures for taxes.