Michigan § 487.14204 - Insurance; hazard; property and casualty.
Full text of Michigan Michigan Compiled Laws § 487.14204 — Insurance; hazard; property and casualty., with citation guidance and answers to common questions.
§ 487.14204. Insurance; hazard; property and casualty.
A bank that requires a mortgagor to maintain hazard insurance as a condition of receiving a mortgage loan shall not require the amount of the hazard insurance to be greater than the replacement cost of the mortgaged building or buildings.
A bank may require an amount of property and casualty insurance that is required of the bank as a condition of sale, transfer, or assignment of all or part of the mortgage to a third party. This subsection does not require that the bank anticipate a sale, transfer, or assignment at the time the mortgage is made.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.14204
What does Michigan Compiled Laws § 487.14204 cover?
Section 487.14204 ("Insurance; hazard; property and casualty.") 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 § 487.14204?
A common citation format is "Michigan Compiled Laws § 487.14204" (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 § 487.14204 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.