{"data":{"id":"us-mi/mich.-comp.-laws-445.1859","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 445.1859","heading":"Additional financial services as condition for loan approval prohibited; offer of services; certain transactions or requirements not prohibited; applicability of section to depository institution subject to 12 U.S.C. 1972; definitions.","body":"Sec. 9.\n\nA 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.\n\nThis 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.\n\nThis section does not prohibit a transaction or requirement that is not prohibited by federal law.\n\nThis 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.\n\nAs used in this section:\n\n\"Affiliate\" means a person that controls, is controlled by, or is under common control with 1 or more depository institutions.\n\n\"Control\" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person.","path":["MI Code","Chapter 445","Act Act-162-of-1995"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-445-1859","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"9146304853132ae035f0e56c5cdfab3804215f73397317a8828b7ac5cdefd53b","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-445.1858","next":"us-mi/mich.-comp.-laws-445.1860"},"notice":"GroundRules: Original legal text. Not legal advice."}