Michigan Laws 445.1672a – Mortgage loans; prohibited advertising
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 445.1672a
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 445.1651a
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Registrant: means a person that is registered under section 6 or required to register under section 6. See Michigan Laws 445.1651a
(1) A licensee or registrant shall not, directly or indirectly, make a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans.
(2) A licensee or registrant shall not advertise any size of loan, security required for a loan, rate of charge, or other condition of lending except with the full intent of making loans at those rates, or lower rates, and under those conditions, to mortgage loan applicants who meet the standards or qualifications prescribed by the licensee or registrant.