{"data":{"id":"us-mi/mich.-comp.-laws-493.14","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 493.14","heading":"Licensee; duties.","body":"Sec. 14.\n\nA licensee shall:\n\nDeliver to the borrower a disclosure statement in compliance with 12 C.F.R. part 226.\n\nGive to the borrower a plain and complete receipt for cash payments made on account of a loan at the time the payments are made, specifying the amount applied to charges and the amount, if any, applied to principal, and stating the unpaid principal balance of the loan. An unitemized receipt may be given temporarily and within 30 days a receipt as prescribed above delivered or mailed.\n\nPermit payment to be made in advance in any amount on any contract of loan at any time during regular business hours, but the licensee may apply that payment first to all charges in full at the agreed rate up to the date of the payment.\n\nUpon repayment of the loan in full, mark plainly every obligation and security signed by the borrower with the word \"Paid\" or \"Canceled\", and release any mortgage, restore any pledge, cancel and return any note, and cancel and return any assignment given to the licensee by the borrower.","path":["MI Code","Chapter 493","Act Act-21-of-1939"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-493-14","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"f75bd24f59a6e4e88e7b04e25a13d12b368bc41391f906b94207fe36be27009d","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-493.13a","next":"us-mi/mich.-comp.-laws-493.14a"},"notice":"GroundRules: Original legal text. Not legal advice."}