Michigan Laws 445.1601 – Definitions
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Terms Used In Michigan Laws 445.1601
- Commissioner: means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs. See Michigan Laws 445.1601
- Contract: A legal written agreement that becomes binding when signed.
- Credit granting institution: means a state or nationally chartered bank, a state or federally chartered savings and loan association, a state or federally chartered credit union, the Michigan state housing development authority, or a business entity making or purchasing mortgage loans, that has a main office, branch office, or service center in the state of Michigan at which it conducts that business. See Michigan Laws 445.1601
- Home improvement loan: means a secured or unsecured loan used for the purpose of repairing, rehabilitating, or remodeling an existing residential dwelling designed for occupancy by 4 or fewer families, as stated by the borrower in the loan application and as recorded on the books of the credit granting institution. See Michigan Laws 445.1601
- Lien: A claim against real or personal property in satisfaction of a debt.
- Loan application: means a written application for a mortgage loan or home improvement loan. See Michigan Laws 445.1601
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: means a loan secured by a mortgage on real property designed for occupancy by 4 or fewer families, including an individual unit of a condominium or cooperative, a refinancing of an existing mortgage loan on real property designed for occupancy by 4 or fewer families involving an increase in the outstanding balance of the principal due, or a loan secured by a junior lien on real property designed for occupancy by 4 or fewer families undertaken for any purpose. See Michigan Laws 445.1601
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Annual percentage rate” means that term as defined in and determined under the truth in lending act, 15 USC 1601 to 1667f.
(b) “Commissioner” means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs.
(c) “Credit granting institution” means a state or nationally chartered bank, a state or federally chartered savings and loan association, a state or federally chartered credit union, the Michigan state housing development authority, or a business entity making or purchasing mortgage loans, that has a main office, branch office, or service center in the state of Michigan at which it conducts that business.
(d) “Home improvement loan” means a secured or unsecured loan used for the purpose of repairing, rehabilitating, or remodeling an existing residential dwelling designed for occupancy by 4 or fewer families, as stated by the borrower in the loan application and as recorded on the books of the credit granting institution.
(e) “Loan application” means a written application for a mortgage loan or home improvement loan.
(f) “Loan contract” means a contract for a mortgage loan or home improvement loan.
(g) “Mortgage loan” means a loan secured by a mortgage on real property designed for occupancy by 4 or fewer families, including an individual unit of a condominium or cooperative, a refinancing of an existing mortgage loan on real property designed for occupancy by 4 or fewer families involving an increase in the outstanding balance of the principal due, or a loan secured by a junior lien on real property designed for occupancy by 4 or fewer families undertaken for any purpose. Mortgage loan does not include any of the following:
(i) Construction financing.
(ii) A purchase of an interest in a pool of mortgage loans.
(iii) An extension of the maturity of an existing mortgage loan that does not include an increase in the unpaid principal due.
(iv) A loan transaction in which the proceeds are not used primarily for a personal, family, or household purpose.
(h) “Neighborhood” means either of the following:
(i) A census tract as defined by the United States bureau of the census in census of population, if located within a standard metropolitan statistical area as defined by the United States office of management and budget.
(ii) An area that is designated by a single zip code number under the zoning improvement plan of the United States postal service, if located outside a standard metropolitan statistical area as defined by the United States office of management and budget.