Michigan Compiled Laws, Chapter 445. Trade and Commerce § 445.1601

(a) “Annual percentage rate” means that term as defined in and determined under the truth in lending act, 15 USC 1601 to 1667f.

(b) “Commissioner” means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs.

(c) “Credit granting institution” means a state or nationally chartered bank, a state or federally chartered savings and loan association, a state or federally chartered credit union, the Michigan state housing development authority, or a business entity making or purchasing mortgage loans, that has a main office, branch office, or service center in the state of Michigan at which it conducts that business.

(d) “Home improvement loan” means a secured or unsecured loan used for the purpose of repairing, rehabilitating, or remodeling an existing residential dwelling designed for occupancy by 4 or fewer families, as stated by the borrower in the loan application and as recorded on the books of the credit granting institution.

(e) “Loan application” means a written application for a mortgage loan or home improvement loan.

(f) “Loan contract” means a contract for a mortgage loan or home improvement loan.

(g) “Mortgage loan” means a loan secured by a mortgage on real property designed for occupancy by 4 or fewer families, including an individual unit of a condominium or cooperative, a refinancing of an existing mortgage loan on real property designed for occupancy by 4 or fewer families involving an increase in the outstanding balance of the principal due, or a loan secured by a junior lien on real property designed for occupancy by 4 or fewer families undertaken for any purpose. Mortgage loan does not include any of the following:

(h) “Neighborhood” means either of the following: