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Michigan Compiled Laws, Chapter 445. Trade and Commerce § 445.1859

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 9. (1) A regulated lender shall not require as a condition of approving a loan that the borrower contract for 1 or more additional financial services offered by the regulated lender or a particular service provider designated by the regulated lender.

(2) This section does not preclude a regulated lender from offering a combination of 2 or more services under prices or terms that are more favorable to the borrower than the prices or terms the services would be offered separately.

(3) This section does not prohibit a transaction or requirement that is not prohibited by federal law.

(4) This section does not apply to a requirement by a depository institution subject to 12 U.S.C. 1972 or by an affiliate of 1 or more of such depository institutions.

(5) As used in this section:

(a) “Affiliate” means a person that controls, is controlled by, or is under common control with 1 or more depository institutions.

(b) “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 445. Trade and Commerce § 445.1859 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-445-trade-and-commerce/mi-comp-laws-445-1859/

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