Section 445.1602a Property/casualty Insurance as Condition to Loan; Limitation on Amount Required; Amount as Condition of Sale, Transfer, or Assignment.

MI Comp L § 445.1602a (2019) (N/A)

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Sec. 2a.

(1) Except as provided in subsection (2), a credit granting institution that requires a mortgagor to maintain property/casualty insurance as a condition to receiving a mortgage loan shall not require the amount of the property/casualty insurance to be greater than the replacement cost of the mortgaged building or buildings.

(2) A credit granting institution may require an amount of property/casualty insurance that is required of the credit granting institution as a condition of a sale, transfer, or assignment of all or part of the mortgage to a third party. This subsection does not require that the credit granting institution anticipate a sale, transfer, or assignment at the time the mortgage loan is made.

History: Add. 1995, Act 214, Imd. Eff. Nov. 29, 1995

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Section 445.1602 Denying Loan Application or Varying Terms or Conditions of Loan Contract; Uniform Application of Policy or Criteria; Basis for Consideration of Loan Application; Minimum Mortgage Amount; Minimum Loan Amount; Opportunity to Submit Loan Application; Credit Unions; Written Statement; Compliance With Equal Credit Opportunity Act; Application Fee; Copy of Appraisal; Copies of Forms, Reports, and Correspondence; Liability for Error or Omission; Loan Inquiry; Pamphlet or Document Explaining Criteria.

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Section 445.1603 Lending Policies and Criteria; Loan Application Procedures and Contract Terms.