™Your Policy Risk Impact Agent
110 chapters · 499 sections in this title.
Mich. Comp. Laws § 390.1221 Definitions.
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Sec. 1. As used in this act: (a) "Lender" means an institution of higher education, a vocational school, a state agency, or a financial or credit institution in this state which makes or has made loans for educational purposes. (b) "Loan" means a loan of money for educational pur…
Mich. Comp. Laws § 390.1222 Delivery of written statement to borrower; time; contents.
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Sec. 2. (1) At the time a loan is made, and again immediately before a repayment schedule on the loan is signed by the borrower, the lender shall deliver a written statement to the borrower describing in detail whether an option exists, and if so, who may exercise the option, und…
Mich. Comp. Laws § 390.1223 Disclosure of restrictive policies or practices.
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Sec. 3. If a lender follows or adopts a policy or practice with respect to loans which restricts a repayment option or condition permitted to be made available on the loan, the lender shall disclose this in the manner prescribed in section 2(1) and shall describe how the lender's…
Mich. Comp. Laws § 390.1224 Notice to obligor of items required to be disclosed.
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Sec. 4. A lender shall send a notice detailing the items required to be disclosed by section 2(1) to an obligor on a loan who requests the information in good faith. Thirty days before a lender places a loan in default status, the lender shall send a written notice to the obligor…