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Michigan Compiled Laws, Chapter 493. Regulatory Loans § 493.73

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

Sec. 23. An instrument evidencing or securing a secondary mortgage loan shall not contain any of the following:

(a) A power of attorney to confess judgment.

(b) A provision by which the debtor waives rights accruing under this act, any federal law, or law of this state.

(c) An assignment of or order for the payment of all or part of salary, wages, commissions, or other compensation for services earned or to be earned.

(d) A provision to compel, encourage, or induce a borrower to incorporate to evade the provisions of this act.

(e) A provision by which a debtor agrees to pay damages absent a judgment by a court.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 493. Regulatory Loans § 493.73 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-493-regulatory-loans/mi-comp-laws-493-73/

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