Michigan Laws 390.1224 – Notice to obligor of items required to be disclosed
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 390.1224
- 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
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’s last known address detailing the items required to be disclosed by section 2(1) and informing the obligor of the lender’s intention to place the loan in default status.