Mich. Admin. Code R. 390.1631 - Repayment terms
Rule 11.
(1)
Repayment of the loan shall begin within 60 days of the date that the loan is
disbursed.
(2) The minimum payment
of $50.00 shall be paid by the borrower or cosigner or cosigners each
month.
(3) The authority may grant
forbearance of principal or principal and interest payments to the borrower or
cosigner or cosigners in accordance with conditions established by the
authority.
(4) The authority may
offer graduated repayments or a modified repayment schedule if the repayment
schedule is not in violation of the provisions of subrule (7) of this
rule.
(5) The authority may assess
a late charge, which shall not be more than 6 cents for each dollar of each
late installment, for a payment that is delinquent for more than 10
days.
(6) There shall be no penalty
for prepayment of a loan.
(7) A
loan shall be repaid in full within the time established by the
authority.
Notes
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