Michigan § 460.1209 - Loan; term; limitation; repayment; interest.
Full text of Michigan Michigan Compiled Laws § 460.1209 — Loan; term; limitation; repayment; interest., with citation guidance and answers to common questions.
§ 460.1209. Loan; term; limitation; repayment; interest.
(1) The term of a loan paid through a residential energy projects program shall not exceed the anticipated useful life of the energy project financed by the loan or 180 months, whichever is less. The loan shall be repaid in monthly installments.
(2) The lender shall comply with all state and federal laws applicable to the extension of credit for home improvements.
(3) If a nonprofit corporation makes loans to owners of property to be repaid under a residential energy projects program, interest shall be charged on the unpaid balance at a rate of not more than the adjusted prime rate as determined under section 23 of 1941 PA 122, MCL 205.23, plus 4%.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 460.1209
What does Michigan Compiled Laws § 460.1209 cover?
Section 460.1209 ("Loan; term; limitation; repayment; interest.") 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 § 460.1209?
A common citation format is "Michigan Compiled Laws § 460.1209" (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 § 460.1209 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.