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Current as of February 09, 2022 | Updated by FindLaw Staff
Sec. 8. (1) A lender who knowingly enforces or attempts to enforce a due-on-sale clause in violation of this act shall be liable for a civil fine not to exceed $5,000.00 for each offense. The attorney general or a prosecuting attorney may bring an action to recover a civil fine under this section.
(2) Any person licensed to do business in this state who, while carrying on that business, knowingly advises a person selling or transferring property securing a residential window period loan not to notify a lender as required by section 3 1 or who knowingly otherwise aids or assists a person in evading the enforcement of a due-on-sale clause enforceable under this act shall be liable for a civil fine not to exceed $5,000.00 for each offense and shall be subject to revocation of his or her license.
(3) The attorney general, a prosecuting attorney, or any other person may bring an action for 1 or both of the following:
(a) A declaratory judgment that a method, act, or practice violates this act.
(b) An injunction to enjoin a lender, real estate broker, or real estate salesperson which is engaging or is about to engage in a method, act, or practice which violates or would violate this act.
(4) In addition to any other remedy provided by this act, a person who suffers loss as a result of a violation of this act may bring an action to recover actual damages or $250.00, whichever is greater, together with reasonable attorneys' fees.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 445. Trade and Commerce § 445.1628 - last updated February 09, 2022 | https://codes.findlaw.com/mi/chapter-445-trade-and-commerce/mi-comp-laws-445-1628/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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