Section 445.1635 Mortgage Loan With Term Less Than 5 Years; Payment Schedule.

MI Comp L § 445.1635 (2019) (N/A)
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Sec. 5.

A mortgage loan with a term of less than 5 years shall not have a payment schedule with regular periodic payments that when aggregated do not fully amortize the outstanding principal balance. This section does not apply to loans with maturities of less than 1 year, if the purpose of the loan is a "bridge" loan connected with the acquisition or construction of a dwelling intended to become the borrower's principal dwelling.

History: 2002, Act 660, Imd. Eff. Dec. 23, 2002