Mich. Admin. Code R. 390.1633 - Default
Rule 13.
(1) If a
borrower and a cosigner or cosigners do not comply with the provisions of the
promissory note for a period of 120 days or more, then the loan shall be
declared in default.
(2) Collection
costs incurred by the authority in the collection of defaulted loans may be
charged to the account of a defaulted borrower and cosigner or
cosigners.
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.