The Michigan Fee Schedule — Regulatory Loan is a set of fees set by the State of Michigan to regulate the cost of loans. This fee schedule applies to all loan types, including but not limited to: consumer loans, mortgage loans, commercial loans, small business loans, and money market loans. The fees range from 0.05% to 1.00% of the loan’s principal amount. The fee is based on the loan’s principal amount, the loan’s term, and the loan’s purpose. The fees collected are used to cover the costs associated with the state’s loan regulatory program. Additionally, the fees are used to fund the Michigan Loan Guaranty Fund, which provides financial assistance to borrowers who experience financial difficulties due to loan defaults.
Michigan Fee Schedule - Regulatory Loan
State:
Michigan
Control #:
MI-SOS-DM-08
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PDF
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Fee Schedule - Regulatory Loan
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19(a), a transaction must be a Federally related mortgage loan under RESPA. Asset-based loans that are part of the entire debt structure outline expectations for the use of collateral controls (for example, inspections, independent.SUMMARY: The NCUA Board (Board) is amending its regulation governing assessment of an annual operating fee to federal credit unions (FCUs). Click on "FCI Invoices" tab, then "Fee Schedule ; LOAN SERVICING: NON PERFORMING-SPECIALTY FULL COLLECTION (Loans that have missed the 3rd payment or more). 2, compiled at MCL 445. 2003 of the Michigan compiled laws. 493. (1) This act shall be known and may be cited as the "regulatory loan act". Multi-Family Loan and Mrotgage. Fees above a certain percentage or amount, and prohibits specific acts and practices in connection with those loans. Items 1 - 7 — The cost of this financing is based upon fees charged rather than interest that accrues over time.