{"data":{"id":"us-mi/mich.-comp.-laws-445.1602a","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 445.1602a","heading":"Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment.","body":"Sec. 2a.\n\nExcept as provided in subsection (2), a credit granting institution that requires a mortgagor to maintain property/casualty insurance as a condition to receiving a mortgage loan shall not require the amount of the property/casualty insurance to be greater than the replacement cost of the mortgaged building or buildings.\n\nA credit granting institution may require an amount of property/casualty insurance that is required of the credit granting institution as a condition of a sale, transfer, or assignment of all or part of the mortgage to a third party. This subsection does not require that the credit granting institution anticipate a sale, transfer, or assignment at the time the mortgage loan is made.","path":["MI Code","Chapter 445","Act Act-135-of-1977"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-445-1602a","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"8c0a734047540c9514730ff6b3054aee155afb2e1fa5d960dd4e86dd2dcf606c","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-445.1602","next":"us-mi/mich.-comp.-laws-445.1603"},"notice":"GroundRules: Original legal text. Not legal advice."}