Michigan § 125.2702 - Definitions.
Full text of Michigan Michigan Compiled Laws § 125.2702 — Definitions., with citation guidance and answers to common questions.
§ 125.2702. Definitions.
As used in this act:
"Administrator" means a local governmental unit, or a nonprofit community organization under contract with a local governmental unit.
"Applicant" means an individual and the spouse of that individual if that spouse intends to occupy the property with the individual.
"Local governmental unit" means a county, city, village, or township.
"Nonprofit community organization" means an organization exempt from taxation under section 501(c)(3) of the internal revenue code of 1986 with experience in housing issues and that contracts with a local governmental unit to administer an urban homestead program under this act.
"Qualified buyer" means an applicant who meets the criteria in section 4.
"Qualified loan rate" means an interest rate not to exceed the adjusted prime rate determined in section 23 of 1941 PA 122, MCL 205.23, minus 1 percentage point as determined by the department of treasury.
Frequently Asked Questions About Michigan § 125.2702
What does Michigan Compiled Laws § 125.2702 cover?
Section 125.2702 ("Definitions.") 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 § 125.2702?
A common citation format is "Michigan Compiled Laws § 125.2702" (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 § 125.2702 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.