{"data":{"id":"us-mi/mich.-comp.-laws-500.4062","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.4062","heading":"Loan value; deferment.","body":"Sec. 4062.\n\nIn the case of policies issued prior to the operative date of section 4060 (the standard nonforfeiture law), the loan value referred to in section 4022 shall be the reserve at the end of the current policy year on the policy and on any dividend additions thereto, specifying the mortality table and rate of interest adopted for computing such reserve less a sum not more than 2 1/2% of the amount insured by the policy and of any dividend additions thereto. Such policies may further provide that such loan may be deferred for not exceeding 6 months after the application therefor is made.\n\nIn the case of policies issued on and after the operative date of section 4060 (the standard nonforfeiture law), the loan value referred to in section 4022 shall be the cash surrender value at the end of the current policy year as required by section 4060. The insurer shall reserve the right to defer such loan, except when made to pay premiums, for 6 months after application therefor is made.","path":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-4062","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"8b4c35625b8b2f95d5f488cb03fb99caaa6606f7069ac292c03f7e5ee28e88a9","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.4061","next":"us-mi/mich.-comp.-laws-500.4064"},"notice":"GroundRules: Original legal text. Not legal advice."}