{"data":{"id":"us-mi/mich.-comp.-laws-445.1635","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 445.1635","heading":"Mortgage loan with term less than 5 years; payment schedule.","body":"Sec. 5.\n\nA mortgage loan with a term of less than 5 years shall not have a payment schedule with regular periodic payments that when aggregated do not fully amortize the outstanding principal balance. This section does not apply to loans with maturities of less than 1 year, if the purpose of the loan is a \"bridge\" loan connected with the acquisition or construction of a dwelling intended to become the borrower's principal dwelling.","path":["MI Code","Chapter 445","Act Act-660-of-2002"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-445-1635","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"f13f6de1eac931ec8d363a480f44718be09206f782ba931709ed08d78c4986e3","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-445.1634","next":"us-mi/mich.-comp.-laws-445.1636"},"notice":"GroundRules: Original legal text. Not legal advice."}