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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