Title 445, TRADE AND COMMERCE

Sec. 3. (1) Except as otherwise prohibited in section 2, lending policies and criteria of a credit granting institution used in the consideration of a loan application shall include without limitation the following: (a) Consideration of the credit eligibility of the applicant and…

Sec. 4. This act shall not be construed to prohibit the United States, this state, a local governmental entity, an agency or instrumentality of any of the preceding entities, a nonprofit organization, or a credit granting institution acting with the permission of the commissioner…

Sec. 5. (1) A credit granting institution shall post a written notice in a conspicuous place to reasonably apprise a loan inquirer or applicant of his or her rights under this act in the institution's main office and each branch office or service center in the following language:…

Sec. 7. A credit granting institution shall retain, for a period of 25 months after a loan application has been submitted or until the loan is repaid, whichever is earlier, a complete record of each loan application which has been accepted, rejected, or varied and the reason for …

Sec. 8. (1) If in the opinion of the commissioner a credit granting institution is violating or has violated this act, or upon receipt of a written complaint of an alleged violation of this act by a credit granting institution, the commissioner shall investigate the alleged viola…

Sec. 9. (1) The commissioner shall encourage credit granting institutions to cooperate with local citizen's groups and governing bodies of local units of government in the formation and operation of voluntary mortgage review boards. The purpose of voluntary local mortgage review …

Sec. 10. The commissioner may promulgate rules as to the form of information required to be given, disclosed, or maintained under this act and as to the enforcement provisions of sections 8, 11, and 12.

Sec. 11. (1) A person may commence an action in the circuit court to seek an injunction for a violation or to seek damages for a violation of this act, or both. The commissioner may join as a party plaintiff in an action. A person shall not be entitled to damages under this act u…

Sec. 12. If the commissioner finds that a credit granting institution has violated this act, the commissioner may assess a fine of not more than $2,000.00 for each violation, except that a credit granting institution which has violated section 2 shall be fined not more than $10,0…

Sec. 13. An action shall not be commenced under this act more than 2 years after the occurrence giving rise to the cause of action.

Sec. 14. This act shall not take effect until July 1, 1978.