Michigan Laws 460.1209 – Loan; term; limitation; repayment; interest
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 460.1209
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Energy project: means the installation or modification of an energy waste reduction improvement or the acquisition, installation, or improvement of a renewable energy system. See Michigan Laws 460.1201
- program: means a program as described in section 203(2). See Michigan Laws 460.1201
- Property: means privately owned residential real property. See Michigan Laws 460.1201
- 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
(1) The term of a loan paid through a residential energy projects program shall not exceed the anticipated useful life of the energy project financed by the loan or 180 months, whichever is less. The loan shall be repaid in monthly installments.
(2) The lender shall comply with all state and federal laws applicable to the extension of credit for home improvements.
(3) If a nonprofit corporation makes loans to owners of property to be repaid under a residential energy projects program, interest shall be charged on the unpaid balance at a rate of not more than the adjusted prime rate as determined under section 23 of 1941 PA 122, MCL 205.23, plus 4%.