Michigan Laws 390.1223 – Disclosure of restrictive policies or practices
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Terms Used In Michigan Laws 390.1223
- 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. See Michigan Laws 390.1221
- Loan: means a loan of money for educational purposes to a person enrolled or accepted for enrollment at an institution of higher education or a vocational school in this state, which loan is insured, reinsured, subsidized, guaranteed, or made by the state or an agency thereof, or which is insured, reinsured, subsidized, or guaranteed by the United States government or an agency thereof. See Michigan Laws 390.1221
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 policy or practice is more restrictive than that permitted.