Mich. Admin. Code R. 390.1633

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

Section R. 390.1633 - Default

Rule 13.

(1) If a borrower and a cosigner or cosigners do not comply with the provisions of the promissory note for a period of 120 days or more, then the loan shall be declared in default.

(2) Collection costs incurred by the authority in the collection of defaulted loans may be charged to the account of a defaulted borrower and cosigner or cosigners.

Mich. Admin. Code R. 390.1633

1990 AACS; 1998-2000 AACS