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114 chapters · 762 sections in this title.
Mich. Comp. Laws § 445.1621 Definitions.
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Sec. 1. As used in this act: (a) "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. (b) "Blended rate period" means a period …
Mich. Comp. Laws § 445.1622 Enforcement of due-on-sale clause generally.
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Sec. 2. Except for a residential window period loan, a lender may enforce a due-on-sale clause in a real property loan in accordance with the terms of the loan contract. A lender shall enforce a due-on-sale clause in a residential window period loan only in accordance with sectio…
Mich. Comp. Laws § 445.1623 Procedure before sale or transfer of property securing residential window period loan containing due-on-sale clause; fees; grounds for enforcement of due-on-sale clause; failure to follow procedure.
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Sec. 3. (1) Before a sale or transfer of property securing a residential window period loan, which contains a due-on-sale clause, the following procedure shall be followed: (a) The borrower, or the proposed buyer or transferee, shall provide written notice to the lender of the pr…
Mich. Comp. Laws § 445.1624 Amendment of loan contract; rate of interest; monthly payments of principal and interest; execution, delivery, and effective date of amendment; lien priority; extending term of loan.
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Sec. 4. (1) If a lender is not entitled to enforce a due-on-sale clause in a residential window period loan under the procedures established in section 3, the lender shall either consent in writing to the proposed sale or transfer or shall offer in writing to consent in writing t…