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MICHIGAN STATUTES AND CODES
Section 491.706 - Participation in making or acquiring loan; sale of loan or of participation in loan.
SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980
491.706 Participation in making or acquiring loan; sale of loan or of participation in loan.
Act 307 of 1980
491.706 Participation in making or acquiring loan; sale of loan or of participation in loan.
Sec. 706.
An association may participate with others as a participant, comortgagee, or covendor in making or acquiring a loan if the loan conforms with this act. An association may sell a loan or participation in a loan without regard to whether the loan conforms to the requirements and limitations of this act, but this section shall not permit an association to make or purchase a loan that does not conform with this act.
History: 1980, Act 307, Eff. Jan. 1, 1981
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