Amends Michigan law to modify mortgage lending practices by credit granting institutions.
The bill amends Michigan law to modify mortgage lending practices by credit granting institutions. It prohibits institutions from denying loan applications or varying loan terms based on neighborhood characteristics or property age. Institutions must individually consider each loan application and provide written reasons for rejections or term variations. The bill also mandates institutions to publish criteria for loan approval or denial and allows for application fees.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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