Mich. Admin. Code R. 390.1632 - Authority responsibilities for loan collection
Rule 12.
(1) The
authority shall be responsible for the collection of the loan.
(2) The authority shall make periodic reports
on the borrower and cosigner or cosigners to 1 or more national credit
bureaus.
(3) The authority may
accelerate payment of the loan and demand payment in full of all outstanding
principal, accrued interest, and late charges if either of the following
conditions occurs:
(a) A borrower and cosigner
or cosigners default.
(b) A
borrower or cosigner or cosigners provided false information to obtain the
loan.
(4) The authority
may exercise all legal options to collect the loan.
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.