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Mortgage loan with term less than 5 years; payment schedule.

MCL 445.1635
in effect
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445.1635. Mortgage loan with term less than 5 years; payment schedule. 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. 2002, Act 660, Imd. Eff. Dec. 23, 2002
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-445-1635Fetched: 10/20/2026

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