Section R. 390.1461 - Death, disability, bankruptcy, and delinquency claimsRule 61.
(1) The lender shall file a claim to the authority with the documentation prescribed by law.(2) The authority, upon verification that the secretary's requirements have been met, shall purchase the borrower's note or notes. Failure to meet the secretary's requirements set forth in the provisions of 34 C.F.R. S682.413 will result in withdrawal of the guarantee. These provisions are adopted by reference in R 390.1491.(3) To allow reinstatement of the guarantee, the lender shall meet the cure requirements as prescribed by the secretary in the provisions of 34 C.F.R. S682.413. These provisions are adopted by reference in R 390.1491.Mich. Admin. Code R. 390.1461
1979 AC; 1984 AACS; 1990 AACS