Mich. Admin. Code R. 390.1607 - Amount and terms of loan
Rule 7.
(1) The
annual maximum loan shall not exceed the maximum prescribed by the
secretary.
(2) The maximum
aggregate outstanding principal balance of loans shall not exceed the maximum
as prescribed by the secretary.
(3)
Each loan shall be evidenced by a promissory note and shall bear interest at a
rate designated by the secretary.
(4) Terms and conditions for repayment of a
loan shall be established by the authority in accordance with regulations of
the secretary.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.