Michigan Laws 445.1607 – Retention of records and documents
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 445.1607
- 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
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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
- Loan application: means a written application for a mortgage loan or home improvement loan. See Michigan Laws 445.1601
A credit granting institution shall retain, for a period of 25 months after a loan application has been submitted or until the loan is repaid, whichever is earlier, a complete record of each loan application which has been accepted, rejected, or varied and the reason for the application’s rejection or variation, together with any other documents relating to the application. Records and documents retained under this section shall be maintained in a reasonable manner to enable the commissioner or the commissioner’s representatives to locate information pertinent to a given complaint.