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Can you summarize MICL, Act 2 of 1935?
FINANCIAL INSTITUTIONS > LOANS UNDER NATIONAL HOUSING ACT (487.751 - 487.753)
Short Summary
This legal document pertains to loans and advances of credit made under the National Housing Act in the state of Michigan. It states that no state law prescribing the nature, amount, or form of security or deposit, or requiring security for loans or advances of credit, or limiting interest rates or the period for which loans or advances of credit may be made, shall apply to loans or advances of credit made pursuant to section 1 of this act. However, the act does not authorize institutions to exceed the authorized investment limits set by the statutes governing their organization and management. This document authorizes certain financial institutions, including banks, trust companies, building and loan associations, insurance companies, finance companies, and other lending agencies, to engage in specific transactions related to loans under the National Housing Act. These authorized transactions include making loans and advances of credit, purchasing obligations representing loans and advances of credit, making loans secured by mortgages on real property, and purchasing, investing in, and disposing of bonds, notes, and securities related to mortgage insurance. Additionally, the document states that designated securities, notes, bonds, debentures, and obligations issued by the federal housing administrator or national mortgage associations are eligible collateral for certain purposes, such as securing public or other funds and maintaining investment or reserve funds. The document provides the authority for these transactions, subject to regulations prescribed by the proper state supervising authority.
Whom does it apply to?
Certain financial institutions, including banks, trust companies, building and loan associations, insurance companies, finance companies, and other lending agencies
What does it govern?
Loans and advances of credit made under the National Housing Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Michigan