Michigan § 445.1602a - Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment.
Full text of Michigan Michigan Compiled Laws § 445.1602a — Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment., with citation guidance and answers to common questions.
§ 445.1602a. Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment.
Except as provided in subsection (2), a credit granting institution that requires a mortgagor to maintain property/casualty insurance as a condition to receiving a mortgage loan shall not require the amount of the property/casualty insurance to be greater than the replacement cost of the mortgaged building or buildings.
A credit granting institution may require an amount of property/casualty insurance that is required of the credit granting institution as a condition of a sale, transfer, or assignment of all or part of the mortgage to a third party. This subsection does not require that the credit granting institution anticipate a sale, transfer, or assignment at the time the mortgage loan is made.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 445.1602a
What does Michigan Compiled Laws § 445.1602a cover?
Section 445.1602a ("Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment.") 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 § 445.1602a?
A common citation format is "Michigan Compiled Laws § 445.1602a" (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 § 445.1602a 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.