Michigan Laws 445.1636 – Federal special information booklet; document to be prepared by department
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 445.1636
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: means a loan or home improvement installment contract secured by a first or subordinate mortgage or any other form of lien or a land contract that covers real property located in this state that is used as the borrower's principal dwelling and is designed for occupancy by 4 or fewer families. See Michigan Laws 445.1632
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: means an individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1632
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) Subject to subsection (2), at the time a person applies for a mortgage loan, the lender shall provide the applicant with a copy of the special information booklet described in 12 C.F.R. § 1024.6, issued under the authority of the real estate settlement procedures act of 1974, Public Law 93-533.
(2) If the federal government repeals or amends 12 C.F.R. § 1024.6 or otherwise ceases publication of the special information booklet described in subsection (1), the department of insurance and financial services shall prepare a document that describes the rights of borrowers in mortgage loan transactions; annually review the document to ensure the accuracy of any telephone numbers, Internet website addresses, or other information included in the document; and make the document available to lenders and the public. If the document described in this subsection is available to a lender under this subsection at the time a person applies for a mortgage loan, the lender shall provide the applicant with a copy of that document.