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44 chapters · 194 sections in this title.
Mich. Comp. Laws § 565.161 Annual statements to mortgagor; when required, contents.
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Sec. 1. Where, by the terms of a mortgage on real property, the mortgagor is required to make periodic payments which include sums to be allocated to an escrow account for the purpose of paying taxes, insurance or improvements to the property, or any combination of such purposes,…
Mich. Comp. Laws § 565.162 Annual statements to mortgagor; exceptions to furnishing.
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Sec. 2. 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.
Mich. Comp. Laws § 565.163 Failure of mortgagee or agent to pay property taxes; liability for penalties or fees.
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Sec. 3. If, pursuant to an agreement, a mortgagor has paid sufficient funds into an escrow account for the purpose of paying taxes on mortgaged real property, and if the mortgagee or his agent has not paid those property taxes, then the person to whom the mortgagor paid the funds…
Mich. Comp. Laws § 565.164 Adjustment to escrow account.
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Sec. 4. (1) Not later than March 1, 1994, a mortgagee, a vendor of a land contract, or their agent shall adjust the escrow account maintained for the payment of real property taxes to be levied in the 1994 calendar year by an amount that the mortgagee, vendor, or agent reasonably…