Michigan § 445.1635 - Mortgage loan with term less than 5 years; payment schedule.
Full text of Michigan Michigan Compiled Laws § 445.1635 — Mortgage loan with term less than 5 years; payment schedule., with citation guidance and answers to common questions.
§ 445.1635. Mortgage loan with term less than 5 years; payment schedule.
A mortgage loan with a term of less than 5 years shall not have a payment schedule with regular periodic payments that when aggregated do not fully amortize the outstanding principal balance. This section does not apply to loans with maturities of less than 1 year, if the purpose of the loan is a "bridge" loan connected with the acquisition or construction of a dwelling intended to become the borrower's principal dwelling.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 445.1635
What does Michigan Compiled Laws § 445.1635 cover?
Section 445.1635 ("Mortgage loan with term less than 5 years; payment schedule.") 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 § 445.1635?
A common citation format is "Michigan Compiled Laws § 445.1635" (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 § 445.1635 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.