Mich. Admin. Code R. 390.1607

Current through Vol. 24-19, November 1, 2024

Section R. 390.1607 - Amount and terms of loan

Rule 7.

(1) The annual maximum loan shall not exceed the maximum prescribed by the secretary.

(2) The maximum aggregate outstanding principal balance of loans shall not exceed the maximum as prescribed by the secretary.

(3) Each loan shall be evidenced by a promissory note and shall bear interest at a rate designated by the secretary.

(4) Terms and conditions for repayment of a loan shall be established by the authority in accordance with regulations of the secretary.

Mich. Admin. Code R. 390.1607

1979 AC; 1987 AACS; 1990 AACS; 2007 AACS