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Code · Michigan · Chapter 445 — Trade and Commerce

445.1622 Enforcement of due-on-sale clause generally.

75 words·~1 min read·/mi/chapter-445/445-1622

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445.1622 Enforcement of due-on-sale clause generally.
Sec. 2.
Except for a residential window period loan, a lender may enforce a due-on-sale clause in a real property loan in accordance with the terms of the loan contract. A lender shall enforce a due-on-sale clause in a residential window period loan only in accordance with sections 3 to 5.
History: 1984, Act 351, Eff. Oct. 15, 1985 ;-- Am. 1985, Act 136, Imd. Eff. Oct. 15, 1985
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