Michigan Laws > Chapter 41 > Act 116 of 1923 – Township and Village Public Improvement and Public Service Act
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Terms Used In Michigan Laws > Chapter 41 > Act 116 of 1923 - Township and Village Public Improvement and Public Service Act
- Advertise: means issuing or ordering the printing or distribution of a card, sign, or device or causing, permitting, or allowing a sign or marking on or in a building or structure, or placing material in a newspaper, magazine, or directory, or on radio or television. See Michigan Laws 333.16901
- Advertisement: means a message or material transmitted over a facsimile machine for the purpose of inducing, or which is likely to induce, directly or indirectly, the purchase of real property, goods, or services. See Michigan Laws 445.1771
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affiliate: means a person or group of persons that directly or indirectly through 1 or more intermediaries controls, is controlled by, or is under common control with another person and engaged in a business or transaction regulated by this act. See Michigan Laws 445.1651a
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Agreement: means a written, oral, or implied contract, sales agreement, security agreement, or franchise agreement between a supplier and a dealer by which the dealer is authorized to engage in the business of the retail sale and service, wholesale sale and service, or the distribution of tractors and equipment as an authorized outlet of the supplier or in accordance with methods and procedures provided for or prescribed by the supplier. See Michigan Laws 445.1452
- Allegation: something that someone says happened.
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Amortization: Paying off a loan by regular installments.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Area of sales responsibility: means a geographical area agreed to by a dealer and the manufacturer in a dealer agreement in which the dealer has the exclusive right to display or sell the manufacturer's new recreational vehicles of a particular line-make to the public. See Michigan Laws 445.1923
- Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
- Arrest: Taking physical custody of a person by lawful authority.
- Article: means any clothing, garment, wearing apparel, leather garment, fur coat or garment, curtain, drapery, rug, carpet, or household furnishing. See Michigan Laws 445.1751
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assumed: means transfers of real property subject to a real property loan by assumptions, land contracts, wrap-around loans, or transfers subject to the mortgage or similar lien, and other like transfers. See Michigan Laws 445.1621
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Attachments: means machinery or any part of a piece of machinery designed to be used on or in conjunction with farm tractors, farm equipment, utility tractors, and utility equipment. See Michigan Laws 445.1452
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Audiologist: means an individual licensed under this article to engage in the practice of audiology. See Michigan Laws 333.16801
- Authorized local official: means a police officer or other personnel of a county, city, village, township, or regional parks and recreation commission created under section 2 of 1965 PA 261, MCL 46. See Michigan Laws 600.8701
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Bailiff: a court officer who enforces the rules of behavior in courtrooms.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Blended rate period: means a period of time commencing on the date that a residential window period loan contract is amended as provided in Section 4 and ending either on a date selected by the lender at least 3 years after the period commences or on the date the loan was originally scheduled to become due and payable in full, whichever date is earlier. See Michigan Laws 445.1621
- Board: means the mortgage industry advisory board created in section 33. See Michigan Laws 445.1651a
- Borrower: means a person who obtains an extension of credit from a regulated lender. See Michigan Laws 445.1852
- Brother-sister controlled group: means 2 or more corporations if 5 or fewer persons who are individuals, estates, or trusts own or have constructive ownership of stock possessing both of the following:
(i) At least 80% of the total combined voting power of all classes of stock entitled to vote or at least 80% of the total value of shares of all classes of the stock of each corporation. See Michigan Laws 445.1452Business: means an individual, partnership, corporation, or other legal entity which, for compensation, provides cleaning or repair services. See Michigan Laws 445.1751 Buyer: means a person who is solicited to purchase or who purchases the services of a credit services organization. See Michigan Laws 445.1822 Chambers: A judge's office. Chief administrative officer: means that term as defined in section 2b of the uniform budgeting and accounting act, 1968 PA 2, MCL 141. See Michigan Laws 141.2103 Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority. Citation: means a written complaint or notice to appear in court upon which an authorized local official records the occurrence or existence of 1 or more municipal civil infractions by the person cited. See Michigan Laws 600.8701 Citation: means a written complaint or notice to appear in court upon which a law enforcement officer records the occurrence or existence of 1 or more state civil infractions by the person cited. See Michigan Laws 600.8801 Civil infraction: means an act or omission that is prohibited by a law and is not a crime under that law or that is prohibited by an ordinance, as defined in section 8701, and is not a crime under that ordinance, and for which civil sanctions may be ordered. See Michigan Laws 600.113 Civil infraction action: means a civil action in which the defendant is alleged to be responsible for a civil infraction. See Michigan Laws 600.113 Cleaning or repair services: means 1 or more of the following services in relation to an article:
(i) Dry cleaning. See Michigan Laws 445.1751Combined group: means 3 or more corporations each of which is a member of a parent-subsidiary controlled group or a brother-sister controlled group and 1 of which is both of the following:
(i) Is a common parent corporation included in a parent-subsidiary controlled group. See Michigan Laws 445.1452Commissioner: means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs. See Michigan Laws 445.1601 Commissioner: means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs or his or her authorized agent. See Michigan Laws 445.1651a Commissioner: means the commissioner of the financial institutions bureau of the department of consumer and industry services. See Michigan Laws 445.1852 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Construction loan: means a mortgage loan to construct a 1-to-4 family dwelling, that is approved and closed before completion of the construction of the improvement on the real property. See Michigan Laws 445.1651a Constructive ownership: means any or all of the following:
(i) A person who has an option to acquire stock. See Michigan Laws 445.1452Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. Contract: means any oral or written agreement. See Michigan Laws 445.1802 Control person: means a director or executive officer of a licensee or registrant or an individual who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee or registrant. See Michigan Laws 445.1651a Controlled group of corporations: means any of the following:
(i) A parent-subsidiary controlled group. See Michigan Laws 445.1452Conviction: A judgement of guilt against a criminal defendant. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Credit card arrangement: means an extension of credit that is not secured by real property made to a cardholder of a credit card or charge card issued by a regulated lender under an arrangement that gives to a cardholder the privilege of obtaining credit from the regulated lender or any other person in purchasing or leasing property or services, obtaining credit or loans, or otherwise. See Michigan Laws 445.1852 Credit granting institution: means a state or nationally chartered bank, a state or federally chartered savings and loan association, a state or federally chartered credit union, the Michigan state housing development authority, or a business entity making or purchasing mortgage loans, that has a main office, branch office, or service center in the state of Michigan at which it conducts that business. See Michigan Laws 445.1601 Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC Credit sale: means an extension of credit for the sale of goods or services by a seller that is subject to the home improvement finance act, Act No. See Michigan Laws 445.1852 Credit services organization: means , except as otherwise provided in subdivision (c), a person who, in return for consideration, attempts to sell, provide, or perform 1 or more of the following:
(i) The improvement of a person's credit record, history, or rating. See Michigan Laws 445.1822Current net price: means the price listed in the supplier's printed price lists, catalogs, microfiche, price tapes, invoices, or any other printed or electronically recorded data in effect at the time an agreement is canceled or discontinued, less all applicable discounts. See Michigan Laws 445.1452 Customer: means an individual who purchases, rents, or borrows a book, other written material, a sound recording, or a video recording. See Michigan Laws 445.1711 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Dealer: means a person engaged in the business of the retail sale of farm tractors and equipment, utility tractors and equipment, or the attachments to or repair parts for that equipment. See Michigan Laws 445.1452 Dealer: means a person that is a dealer, as that term is defined in section 11 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 445.1923 Dealer agreement: means a written agreement or contract entered into between a manufacturer and a dealer that establishes the legal rights and obligations of the parties to that agreement or contract and pursuant to which the dealer is authorized to sell new recreational vehicles manufactured or distributed by the manufacturer. See Michigan Laws 445.1923 Dealer supplies: means any display, machinery, signage, book, manual, computer, microfiche, microfilm, communication device, or tool that a dealer purchased from a supplier, or from a third party upon the request or requirement of the supplier, and which is used by the dealer to facilitate the sale or repair of inventory furnished by the supplier and no other product line sold or serviced by the dealer. See Michigan Laws 445.1452 Debt: means all borrowed money, loans, and other indebtedness, including principal and interest, evidenced by bonds, obligations, refunding obligations, notes, contracts, securities, refunding securities, municipal securities, or certificates of indebtedness that are lawfully issued or assumed, in whole or in part, by a municipality, or will be evidenced by a judgment or decree against the municipality. See Michigan Laws 141.2103 Debt retirement fund: means a segregated account or group of accounts used to account for the payment of, interest on, or principal and interest on a municipal security. See Michigan Laws 141.2103 Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Deficit: means a situation for any fund of a municipality in which, at the end of a fiscal year, total expenditures, including an accrued deficit, exceeded total revenues for the fiscal year, including any surplus carried forward. See Michigan Laws 141.2103 Department: means the department of the attorney general. See Michigan Laws 445.1771 Department: means the department of state. See Michigan Laws 445.1923 Department: means the department of treasury. See Michigan Laws 141.2103 Depository financial institution: means a state or nationally chartered bank, a state or federally chartered savings and loan association, savings bank, or credit union, or an entity of the federally chartered farm credit system. See Michigan Laws 445.1651a Depository institution: means a bank, savings and loan association, savings bank, or credit union that is chartered under state or federal law. See Michigan Laws 445.1632 Depository institution: means a bank, savings and loan association, savings bank, or a credit union chartered under state or federal law which maintains a principal office or branch in this state. See Michigan Laws 445.1852 Devise: To gift property by will. director: means the director of the department of insurance and financial services. See Michigan Laws 445.1632 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: Distributor: means a person, including any affiliate of the person, who meets either of the following requirements:
(i) Purchases motor fuel for sale, consignment, or distribution to another. See Michigan Laws 445.1802Docket: A log containing brief entries of court proceedings. Due-on-sale clause: means a contract provision which authorizes the lender, at its option, to declare due and payable sums secured by the lender's security instrument if all or any part of the property, or an interest in the property, securing the real property loan is sold or transferred without the lender's prior written consent. See Michigan Laws 445.1621 Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Employee: means an individual who meets both of the following:
(i) Has an employment relationship acknowledged by that individual and the licensee or registrant that engages that individual to originate mortgage loans. See Michigan Laws 445.1651aEmployee: means an individual who works for an employer in exchange for wages or other remuneration. See Michigan Laws 445.1711 Employer: means a person that has 1 or more employees. See Michigan Laws 445.1711 Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC Equipment: means motorized machines designed for or adapted and used for agriculture, horticulture, livestock raising, forestry, grounds maintenance, lawn and garden, construction, materials handling, and earth moving. See Michigan Laws 445.1452 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Excessive fee or charge: means a fee or charge that exceeds the amount allowed in section 6(1), (2), or (3), section 7, or any other applicable law or statute of this state. See Michigan Laws 445.1852 Executive officer: means an officer, member, or partner of a licensee or registrant. See Michigan Laws 445.1651a Executor: A male person named in a will to carry out the decedent Extension of credit: means the right to defer payment of debt or to incur debt. See Michigan Laws 445.1822 Extension of credit: means a loan or credit sale made by a regulated lender. See Michigan Laws 445.1852 Facsimile machine: means a machine which electronically transmits facsimiles of documents through connection with a telephone network. See Michigan Laws 445.1771 Factory campaign: means an effort by a warrantor to contact recreational vehicle owners or dealers in order to address an issue concerning a problem or defective part or equipment. See Michigan Laws 445.1923 Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Family member: means any of the following:
(i) A spouse of an individual. See Michigan Laws 445.1923FHLBB mortgage index rate: means the national average contract interest rate on conventional 25 plus year fixed rate mortgages charged by all major lenders on mortgage loans for previously occupied homes, as most recently published by the federal home loan bank board in its journal or news releases. See Michigan Laws 445.1621 Fiduciary: A trustee, executor, or administrator. Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC Financial licensing act: means the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 445.1651a Firm commitment: means an underwriting in which a broker-dealer commits to buy the mortgage loan or the entire issue of securities based upon or backed by 1 or more mortgage loans and assumes all financial responsibility for any unsold securities. See Michigan Laws 445.1651a Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fiscal year: means a 12-month period fixed by statute, charter, or ordinance, or if not so fixed, then as determined by the department. See Michigan Laws 141.2103 Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Franchise: means a contract between a refiner and a retailer or between a distributor and a retailer, under which a refiner or distributor authorizes or permits a retailer to use, in connection with the sale, consignment, or distribution of gasoline, diesel, gasohol, or aviation fuel, a trademark that is owned or controlled by a refiner, or by a refiner that supplies fuel to the distributor that authorizes or permits such use. See Michigan Laws 445.1802 Franchisee: means a retailer who is authorized or permitted, under a franchise, to use a trademark in connection with the sale, consignment, or distribution of fuel. See Michigan Laws 445.1802 Franchisor: means a refiner or distributor who authorizes or permits, under a franchise, a retailer to use a trademark in connection with the sale, consignment, or distribution of fuel. See Michigan Laws 445.1802 Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor Genetic counselor: means an individual who is licensed under this part to engage in the practice of genetic counseling. See Michigan Laws 333.17001 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Governing body: means the county board of commissioners of a county; the township board of a township; the council, common council, or commission of a city; the council, commission, or board of trustees of a village; the board of education or district board of a school district; the board of an intermediate school district; the board of trustees of a community college district; the county drain commissioner or drainage board of a drainage district; the board of the district library; the legislative body of a metropolitan district; the port commission of a port district; and, in the case of another governmental authority or agency, that official or official body having general governing powers over the authority or agency. See Michigan Laws 141.2103 Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage, Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Home improvement loan: means a secured or unsecured loan used for the purpose of repairing, rehabilitating, or remodeling an existing residential dwelling designed for occupancy by 4 or fewer families, as stated by the borrower in the loan application and as recorded on the books of the credit granting institution. See Michigan Laws 445.1601 Improper means: includes theft, bribery, misrepresentation, breach, or inducement of a breach of a duty to maintain secrecy or espionage through electronic or any other means. See Michigan Laws 445.1902 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Individual investor: means a person that resides in this state or has its principal place of business in this state. See Michigan Laws 445.1651a Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Intestate: Dying without leaving a will. Inventory: means farm tractors, utility tractors, equipment, and accessories for attachments to and repair parts for those tractors and that equipment. See Michigan Laws 445.1452 judgment: as used in this act , includes decree. See Michigan Laws 600.112 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Juror: A person who is on the jury. Law enforcement officer: means any of the following:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
(i) A sheriff or deputy sheriff. See Michigan Laws 600.8801Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto). Lender: means a person or governmental agency, other than the Michigan state housing development authority, making real property loans, including, but not limited to, an individual, a federal or state chartered savings and loan association or savings bank, a state or national bank, a federal or state chartered credit union, an insurance company, or other lender approved as a mortgagee under the national housing act, 12 U. See Michigan Laws 445.1621 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. License: means a license issued under this act. See Michigan Laws 445.1651a Licensed loan officer: means a loan officer who is licensed as a mortgage loan originator under the mortgage loan originator licensing act. See Michigan Laws 445.1651a Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 445.1651a Lien: A claim against real or personal property in satisfaction of a debt. Line-make: means a specific series of recreational vehicle products that meet all of the following:
(i) Are identified by a common series trade name or trademark. See Michigan Laws 445.1923Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Loan application: means a written application for a mortgage loan or home improvement loan. See Michigan Laws 445.1601 Loan officer: means an individual who is an employee or agent of a mortgage broker, mortgage lender, or mortgage servicer; who originates mortgage loans; and who is not an employee or agent of a depository financial institution or a subsidiary or affiliate of a depository financial institution. See Michigan Laws 445.1651a Loan secured by a lien on real property: means a loan on the security of any instrument which makes the interest in real property specific security for the payment of the obligation secured by the instrument. See Michigan Laws 445.1621 Loan secured by a lien on stock in a residential cooperative housing corporation: means a loan on the security of the following:
(i) A security interest in stock or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization. See Michigan Laws 445.1621Manufacturer: means a person that manufactures or wholesales recreational vehicles or that distributes or wholesales recreational vehicles to dealers. See Michigan Laws 445.1923 Marketing premises: means , in the case of any franchise, premises that, under the franchise, are to be employed by the franchisee in connection with the sale, consignment, or distribution of motor fuel. See Michigan Laws 445.1802 Markup: The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation. Marriage and family therapist: means an individual licensed under this article to engage in the practice of marriage and family therapy. See Michigan Laws 333.16901 medical education: means the education of physicians and candidates for degrees or licenses to become physicians, including, but not limited to, physician staff, residents, interns, and medical students. See Michigan Laws 333.17001 Misappropriation: means either of the following:
(i) Acquisition of a trade secret of another by a person who knows or has reason to know that the trade secret was acquired by improper means. See Michigan Laws 445.1902month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage broker: means a person that, directly or indirectly, does 1 or both of the following:
(i) Serves or offers to serve as an agent for a person in an attempt to obtain a mortgage loan. See Michigan Laws 445.1651aMortgage lender: means a person that, directly or indirectly, makes or offers to make mortgage loans. See Michigan Laws 445.1651a Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgage loan: means a loan secured by a mortgage on real property designed for occupancy by 4 or fewer families, including an individual unit of a condominium or cooperative, a refinancing of an existing mortgage loan on real property designed for occupancy by 4 or fewer families involving an increase in the outstanding balance of the principal due, or a loan secured by a junior lien on real property designed for occupancy by 4 or fewer families undertaken for any purpose. See Michigan Laws 445.1601 Mortgage loan: means a loan or home improvement installment contract secured by a first or subordinate mortgage or any other form of lien or a land contract that covers real property located in this state that is used as the borrower's principal dwelling and is designed for occupancy by 4 or fewer families. See Michigan Laws 445.1632 Mortgage loan: means a loan secured by a first mortgage on real property located in this state and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families or a land contract covering real property located in this state used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families. See Michigan Laws 445.1651a Mortgage servicer: means a person that, directly or indirectly, services or offers to service mortgage loans. See Michigan Laws 445.1651a Mortgagee: The person to whom property is mortgaged and who has loaned the money. Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. Motor fuel: means gasoline and diesel fuel of a type distributed for use as a fuel in self-propelled vehicles designed primarily for use on public streets, roads, and highways. See Michigan Laws 445.1802 Municipal civil infraction: means a civil infraction involving a violation of an ordinance, as defined in section 8701. See Michigan Laws 600.113 Municipal security: means a security that when issued was not exempt from this act or former 1943 PA 202 by the provisions of this act or by former 1943 PA 202 or by the provisions of the law authorizing its issuance and that is payable from or secured by any of the following:
(i) Ad valorem real and personal property taxes. See Michigan Laws 141.2103Municipality: means a county, township, city, village, school district, intermediate school district, community college district, metropolitan district, port district, drainage district, district library, or another governmental authority or agency in this state that has the power to issue a security. See Michigan Laws 141.2103 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Neighborhood: means either of the following:
(i) A census tract as defined by the United States bureau of the census in census of population, if located within a standard metropolitan statistical area as defined by the United States office of management and budget. See Michigan Laws 445.1601Net cost: means an amount equal to the original invoice price that the dealer paid for the merchandise to the supplier, less all applicable discounts allowed and received, plus the freight cost incurred by the dealer from the location of the supplier to the location of the dealer. See Michigan Laws 445.1452 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Nonrecourse carveout: means a specific exception, if any, to the nonrecourse provisions set forth in the loan documents for a nonrecourse loan that has the effect of creating, if specified events occur, personal liability of the borrower or a guarantor or other surety of the loan for all or some amounts owed to the lender. See Michigan Laws 445.1592 Nonrecourse loan: means a commercial loan secured by a mortgage on real property located in this state and evidenced by loan documents that meet any of the following:
(i) Provide that the lender will not enforce the liability or obligation of the borrower by an action or proceeding in which a money judgment is sought against the borrower. See Michigan Laws 445.1592Nonrecourse provisions: means 1 or more of the provisions described in subdivision (b)(i) to (v), whether or not the loan is subject to a nonrecourse carveout or carveouts. See Michigan Laws 445.1592 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC Operator: means a person or entity who owns or controls or who has operational responsibility for a roller skating center. See Michigan Laws 445.1722 Ordinance: includes a temporary vessel speed limit established by a county emergency management coordinator or sheriff under section 80146 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 600.8701 Ordinary course of business: means activities related to the sale, rental, or lending of, or advertising in, materials described in section 2. See Michigan Laws 445.1711 Originate: means any of the following:
(i) To negotiate, arrange, or offer to negotiate or arrange a mortgage loan between a mortgage lender and 1 or more individuals. See Michigan Laws 445.1651aOutstanding security: means a security that has been issued, but not defeased or repaid, including a security that when issued was exempt from this act or former 1943 PA 202, by the provisions of this act or by former 1943 PA 202 or by the provisions of the law authorizing its issuance. See Michigan Laws 141.2103 Parent-subsidiary controlled group: means 1 or more chains of corporations connected through stock ownership with a common parent corporation if all of the following exist:
(i) Stock possessing at least 80% of the total combined voting power of all classes of stock entitled to vote or at least 80% of the total value of shares of all classes of stock of each of the corporations, except the common parent corporation, is directly owned by 1 or more of the other corporations or stock subject to constructive ownership by the corporation. See Michigan Laws 445.1452Park model trailer: means that term as defined in section 38a of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 445.1923 Participating physician: means a physician, a physician designated by a group of physicians under section 17049 to represent that group, or a physician designated by a health facility or agency under section 20174 to represent that health facility or agency. See Michigan Laws 333.17001 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means a sole proprietorship, partnership, corporation, or any other form of business organization. See Michigan Laws 445.1452 Person: means an individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1632 Person: means an individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1651a Person: means an individual, partnership, association, corporation, or other legal entity. See Michigan Laws 445.1771 Person: means an individual, partnership, corporation, limited liability company, association, or other legal entity. See Michigan Laws 445.1822 Person: means an individual, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1852 Person: means an individual, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1902 Person: means an individual, partnership, corporation, limited liability company, association, trust, estate, or other legal entity. See Michigan Laws 445.1923 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Physician: means an individual who is licensed or authorized under this article to engage in the practice of medicine. See Michigan Laws 333.17001 Plaintiff: The person who files the complaint in a civil lawsuit. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Post closing solvency covenant: means any provision of the loan documents for a nonrecourse loan, whether expressed as a covenant, representation, warranty, or default, that relates solely to the solvency of the borrower, including, without limitation, a provision requiring that the borrower maintain adequate capital or have the ability to pay its debts, with respect to any period of time after the date the loan is initially funded. See Michigan Laws 445.1592 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Practice agreement: means an agreement described in section 17047. See Michigan Laws 333.17001 Practice of audiology: means the nonmedical and nonsurgical application of principles, methods, and procedures related to disorders of hearing, including all of the following:
(i) Facilitating the conservation of auditory system function. See Michigan Laws 333.16801Practice of genetic counseling: means provision of any of the following services:
(i) Obtaining and evaluating individual, family, and medical histories to determine the genetic risk for genetic or medical conditions or diseases in a client, the client's descendants, or other family members of the client. See Michigan Laws 333.17001Practice of marriage and family therapy: means the providing of guidance, testing, discussions, therapy, instruction, or advice that is intended to avoid, eliminate, relieve, manage, or resolve marital or family conflict or discord, to create, improve, or restore marital or family harmony, or to prepare couples for marriage. See Michigan Laws 333.16901 Practice of medicine: means the diagnosis, treatment, prevention, cure, or relieving of a human disease, ailment, defect, complaint, or other physical or mental condition, by attendance, advice, device, diagnostic test, or other means, or offering, undertaking, attempting to do, or holding oneself out as able to do, any of these acts. See Michigan Laws 333.17001 Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Probable cause: A reasonable ground for belief that the offender violated a specific law. Probate: Proving a will Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Public vehicle show: means a recreational vehicle show that meets the requirements of section 248(10) of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 445.1923 Qualified status: means a municipality that has filed a qualifying statement under section 303 and has been determined by the department to be qualified to issue municipal securities without further approval by the department. See Michigan Laws 141.2103 Real estate broker: means a broker or associate broker licensed under article 25 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 445.1651a Real estate salesperson: means a salesperson licensed under article 25 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 445.1651a Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Real property loan: means a loan, mortgage, advance, or credit sale secured by a lien on real property, on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, whether real or personal property. See Michigan Laws 445.1621 Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Recreational vehicle: means that term as defined in section 49a of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 445.1923 Refiner: means a person engaged in the refining of crude oil to produce motor fuel, and includes any affiliate of the person. See Michigan Laws 445.1802 Refunding security: means a municipal security issued to refund an outstanding security. See Michigan Laws 141.2103 Register: means filing a notice with the commissioner on a form prescribed by the commissioner that notifies the commissioner of the intent to engage in the activities of a mortgage broker, mortgage lender, or mortgage servicer in this state and the payment of any fees required under this act, along with the other documents, proofs, and fees required by the commissioner. See Michigan Laws 445.1651a Registrant: means a person that is registered under section 6 or required to register under section 6. See Michigan Laws 445.1651a Regulated lender: means a depository institution, a licensee under the consumer financial services act, Act No. See Michigan Laws 445.1852 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals). Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Residential manufactured home: means a manufactured home as defined in section 603(6) of the national manufactured housing construction and safety standards act of 1974, 42 U. See Michigan Laws 445.1621 Residential window period loan: means a window period loan which is 1 of the following:
(i) A loan secured by a lien on real property intended for occupancy by not more than 4 families. See Michigan Laws 445.1621Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Retailer: means any person who purchases motor fuel for sale to the general public for ultimate consumption. See Michigan Laws 445.1802 Reverse-mortgage: means a nonrecourse loan under which both of the following apply:
(i) A mortgage or other form of lien securing 1 or more advances is created in the borrower's principal dwelling. See Michigan Laws 445.1632Roller skater: means a person wearing roller skates while that person is in a roller skating center for the purpose of roller skating. See Michigan Laws 445.1722 Roller skating center: means a building, facility, or premises which provides an area specifically designed to be used for roller skating by the public. See Michigan Laws 445.1722 Sale or transfer: means the conveyance of property, or of any right, title, or interest in property, whether legal or equitable, whether voluntary or involuntary, by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than 3 years, lease option contract, or any other method of conveyance of real property interest. See Michigan Laws 445.1621 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecondary mortgage loan act: means the secondary mortgage loan act, 1981 PA 125, MCL 493. See Michigan Laws 445.1651a Security: means an evidence of debt such as a bond, note, contract, obligation, refunding obligation, certificate of indebtedness, or other similar instrument issued by a municipality, which pledges payment of the debt by the municipality from an identified source of revenue. See Michigan Laws 141.2103 Service: means the collection or remittance, or the right or obligation to collect or remit, for a lender, noteowner, noteholder, mortgage servicer, or the licensee's or registrant's own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage loan, mortgage servicing agreement, or an agreement with the mortgagor. See Michigan Laws 445.1651a Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Spectator: means a person who is present in a roller skating center only for the purpose of observing skating activity, whether recreational or competitive. See Michigan Laws 445.1722 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o State and federal laws: means , individually and collectively, 1 or more of the laws or regulations of this state or the federal government which regulate or are applicable to a mortgage loan or a person that is brokering, making, servicing, or collecting a mortgage loan, including, without limitation, the truth in lending act, 15 USC 1601 to 1667f, real estate settlement procedures act of 1974, Public Law 93-533, 88 Stat. See Michigan Laws 445.1632 State civil infraction: means a civil infraction involving either of the following:
(i) A violation of state law that is designated by statute as a state civil infraction. See Michigan Laws 600.113State civil infraction action: means a civil action in which the defendant is alleged to be responsible for a state civil infraction. See Michigan Laws 600.113 Statute: A law passed by a legislature. Storage: means the keeping of an article by a business, at the request of the person leaving the article, for a period of time as specified in a receipt or other written document. See Michigan Laws 445.1751 Subpoena: A command to a witness to appear and give testimony. Summons: Another word for subpoena used by the criminal justice system. Supplier: means a manufacturer, wholesaler, or distributor of farm and utility tractors and farm and utility equipment, or the attachments to or repair parts for that equipment. See Michigan Laws 445.1452 Task force: means the joint task force created in section 17025. See Michigan Laws 333.17001 Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held. Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trade secret: means information, including a formula, pattern, compilation, program, device, method, technique, or process, that is both of the following:
(i) Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use. See Michigan Laws 445.1902Trailway municipal civil infraction: means a municipal civil infraction involving the operation of a vehicle on a recreational trailway at a time, in a place, or in a manner prohibited by ordinance. See Michigan Laws 600.113 Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. Transient customer: means a person who owns a recreational vehicle, is temporarily traveling through a dealer's area of sales responsibility, and engages the dealer to perform service work on that recreational vehicle. See Michigan Laws 445.1923 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: A person or institution holding and administering property in trust. Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Usage for demonstration: means usage, not prohibited by an agreement, to demonstrate the function of equipment or inventory to potential customers, but does not include use by a buyer who subsequently rescinds the purchase of the inventory or equipment. See Michigan Laws 445.1452 Usage for rental: means usage by a customer of the dealer, not prohibited by the agreement, under a rental contract or nonfinancing lease. See Michigan Laws 445.1452 Usury: Charging an illegally high interest rate on a loan. Source: OCC Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate. Venue: The geographical location in which a case is tried. Verdict: The decision of a petit jury or a judge. Warrantor: means a manufacturer or any other person that provides a warranty to the consumer in connection with a new recreational vehicle or parts, accessories, or components of a new recreational vehicle. See Michigan Laws 445.1923 Window period loan: means a real property loan which was made or assumed during a period beginning on January 5, 1977, and ending on October 15, 1982, other than a real property loan originated by a federal savings and loan association, a federal savings bank, a national bank, or a federally chartered credit union. See Michigan Laws 445.1621 Writ: A formal written command, issued from the court, requiring the performance of a specific act. Written: includes any electronic means using the Internet or otherwise authorized under the uniform electronic transactions act, 2000 PA 305, MCL 450. See Michigan Laws 445.1711