™Your Policy Risk Impact Agent
115 chapters · 772 sections in this title.
Mich. Comp. Laws § 445.1856 Regulated lender; authority to charge fee for late payment or dishonored check; fee or charge not considered as interest; excessive fee or charge.
1.1K chars
Sec. 6. (1) Except for depository institutions and as otherwise provided by law, a regulated lender may do any of the following: (a) Require the borrower to pay a processing fee in connection with making, closing, disbursing, extending, readjusting, or renewing an extension of cr…
Mich. Comp. Laws § 445.1857 Fees or charges servicing extension of credit; charge, collection, and receipt by depository institution; credit card arrangement fees and charges considered as interest; excessive fee or charge.
0.7K chars
Sec. 7. (1) In addition to the interest or finance charges that are authorized under section 4, a depository institution may charge, collect, and receive from a borrower or buyer all fees and charges that are agreed to or accepted by the borrower or buyer including those relating…
Mich. Comp. Laws § 445.1858 Certain provisions in written agreement as void and unenforceable.
0.5K chars
Sec. 8. Any of the following provisions contained in a written document made in connection with an extension of credit to an individual for personal, family, or household purposes are void and unenforceable: (a) A power of attorney to confess a judgment. (b) Unless otherwise expr…
Mich. Comp. Laws § 445.1859 Additional financial services as condition for loan approval prohibited; offer of services; certain transactions or requirements not prohibited; applicability of section to depository institution subject to 12 U.S.C. 1972; definitions.
1.1K chars
Sec. 9. (1) A regulated lender shall not require as a condition of approving a loan that the borrower contract for 1 or more additional financial services offered by the regulated lender or a particular service provider designated by the regulated lender. (2) This section does no…