{"data":{"id":"us-mi/mich.-comp.-laws-445.1603","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 445.1603","heading":"Lending policies and criteria; loan application procedures and contract terms.","body":"Sec. 3.\n\nExcept as otherwise prohibited in section 2, lending policies and criteria of a credit granting institution used in the consideration of a loan application shall include without limitation the following:\n\nConsideration of the credit eligibility of the applicant and the market value of a proposed security.\n\nConsideration of those factors, known to the credit granting institution, as the presence of active community and neighborhood organization, the presence of government, nonprofit, and private programs in the neighborhood intended to eliminate negative environmental influences, other revitalization efforts, and any other factors potentially mitigating the effect of physical decline.\n\nA credit granting institution may employ different loan application procedures and contract terms for loans to construct new dwellings as compared to loans to purchase existing dwellings.","path":["MI Code","Chapter 445","Act Act-135-of-1977"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-445-1603","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"8f8d7146293c61e7fc8df1d39e7e1e2645968fc0ee2b15896df4e1b93fffb3a5","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-445.1602a","next":"us-mi/mich.-comp.-laws-445.1604"},"notice":"GroundRules: Original legal text. Not legal advice."}