R 390.1607
R 390.1607 Amount and terms of loan.
Cite as Mich. Admin. Code R 390.1607
Rule 7. (1) The annual maximum loan shall not exceed the maximum
prescribed by the secretary.
(2) The maximum aggregate outstanding principal balance of loans shall not exceed
the maximum as prescribed by the secretary.
(3) Each loan shall be evidenced by a promissory note and shall bear interest at
a rate designated by the secretary.
(4) Terms and conditions for repayment of a loan shall be established by the
authority in accordance with regulations of the secretary.