Michigan § 438.31b - Loan settlement statement.
Full text of Michigan Michigan Compiled Laws § 438.31b — Loan settlement statement., with citation guidance and answers to common questions.
§ 438.31b. Loan settlement statement.
A state or national bank, insurance company, or lender approved as a mortgagee under the national housing act or regulated by a federal agency, shall furnish a loan settlement statement to a borrower upon closing of the loan, indicating in detail the charges the borrower has paid or obligated himself to pay the lender or to any other person in connection with the loan. A copy of the statement shall be retained in the records of the lender. This section does not apply to a corporation organized under Act No. 156 of the Public Acts of 1964, as amended, or a federally chartered savings and loan association.
Frequently Asked Questions About Michigan § 438.31b
What does Michigan Compiled Laws § 438.31b cover?
Section 438.31b ("Loan settlement statement.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 438.31b?
A common citation format is "Michigan Compiled Laws § 438.31b" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 438.31b apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.