Mich. Admin. Code R. 390.1631

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

Section R. 390.1631 - Repayment terms

Rule 11.

(1) Repayment of the loan shall begin within 60 days of the date that the loan is disbursed.

(2) The minimum payment of $50.00 shall be paid by the borrower or cosigner or cosigners each month.

(3) The authority may grant forbearance of principal or principal and interest payments to the borrower or cosigner or cosigners in accordance with conditions established by the authority.

(4) The authority may offer graduated repayments or a modified repayment schedule if the repayment schedule is not in violation of the provisions of subrule (7) of this rule.

(5) The authority may assess a late charge, which shall not be more than 6 cents for each dollar of each late installment, for a payment that is delinquent for more than 10 days.

(6) There shall be no penalty for prepayment of a loan.

(7) A loan shall be repaid in full within the time established by the authority.

Mich. Admin. Code R. 390.1631

1990 AACS; 1995 AACS; 1998-2000 AACS