Mich. Admin. Code R. 445.1001 - Definitions and explanation of terms

Current through Vol. 22-05, April 1, 2022

Rule 1.

(1) As used in these rules and the act:
(a) "Act" means Act No. 135 of the Public Acts of 1977, as amended, being S445.1601 et seq. of the Michigan Compiled Laws.
(b) "Administrative procedures act" means Act No. 306 of the Public Acts of 1969, as amended, being S24.201 et seq. of the Michigan Compiled Laws.
(c) "Branch office" or "service center" does not mean an electronic funds transfer facility or a branch or service center that is exclusively a drive-in branch or drive-in service center.
(d) "Bureau" means the financial institutions bureau of the Michigan department of commerce.
(e) "Contested case hearing" means a hearing conducted pursuant to chapter 4 of the administrative procedures act, being SS24.271 to 24.281 of the Michigan Compiled Laws.
(f) "Loan inquiry" means a request made in person or by telephone, letter, or other communication device that is related to the prospects of obtaining a mortgage loan or a home improvement loan from a credit-granting institution.
(g) "Neighborhood," as defined in section 1(h) of the act, includes an area designated by a single zip code number under the zoning improvement plan of the United States postal service for any area located within a standard metropolitan statistical area that has not been assigned a census tract number as defined by the United States bureau of the census.
(h) "Objections" means exceptions and written arguments made by a party adversely affected by a proposal for decision to a contested case hearing held pursuant to these rules.
(2) A home improvement loan secured by a mortgage shall be considered a home improvement loan and not a mortgage loan.

Notes

Mich. Admin. Code R. 445.1001
1979 AC; 1995 AACS

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