Michigan § 445.1635 Mortgage loan with term less than 5 years; payment schedule.

Michigan Statutes

§ 445.1635 — Mortgage loan with term less than 5 years; payment schedule.

Michigan § 445.1635

Ch. 445TRADE AND COMMERCE

Act 660 of 2002CONSUMER MORTGAGE PROTECTION ACT (445.1631-445.1645)

This text of Michigan § 445.1635 (Mortgage loan with term less than 5 years; payment schedule.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 445.1635 (2026).

Text

CONSUMER MORTGAGE PROTECTION ACT (EXCERPT) Act 660 of 2002 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.

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CONSUMER MORTGAGE PROTECTION ACT (EXCERPT) Act 660 of 2002 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.