Michigan Laws 493.76 – Advertising; prohibited conduct
Current as of: 2024 | Check for updates
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(1) A licensee or registrant shall not, willfully or knowingly, make a false, misleading, or deceptive advertisement regarding secondary mortgage loans or the availability of secondary mortgage loans.
(2) A licensee or registrant shall not advertise any size of loan, security required for a loan, rate of charge, or other condition of lending except with the intent of making loans at those or lower rates, and under the stated conditions, to secondary mortgage loan applicants who meet the standards or qualifications prescribed by the licensee or registrant.
Terms Used In Michigan Laws 493.76
- 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.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- 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