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