{"data":{"id":"us-mi/mich.-comp.-laws-490.424","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 490.424","heading":"Property and casualty insurance as condition to mortgage loan.","body":"Sec. 424.\n\nExcept as provided in subsection (2), a domestic credit union that requires a mortgagor to maintain property and casualty insurance as a condition to receiving a mortgage loan shall not require an amount of property and casualty insurance that is greater than the replacement cost of the mortgaged building or buildings.\n\nA domestic credit union may require an amount of property and casualty insurance that is required of the domestic credit union 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 domestic credit union anticipate a sale, transfer, or assignment at the time the mortgage loan is made.","path":["MI Code","Chapter 490","Act Act-215-of-2003"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-490-424","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"cf6a7b78adde8025c60456c16b95b421802a465a653972bb9ce4455c1d211774","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-490.423","next":"us-mi/mich.-comp.-laws-490.431"},"notice":"GroundRules: Original legal text. Not legal advice."}