Mich. Admin. Code R. 493.24

Current through Vol. 24-24, January 15, 2025

Section R. 493.24 - Monthly statements

Rule 24. A licensee shall provide each borrower listed on a loan document with a monthly statement of account that includes all of the following:

(a) Borrower's name and address.

(b) Loan number.

(c) Loan amount.

(d) Loan date.

(e) Rate of charge.

(f) Amount of filing or discharge fees collected from the borrower.

(g) Any amount received or withheld from the borrower as a premium for insurance in connection with the loan, and the period covered by such insurance policy or policies.

(h) The date and amounts of all principal payments received, interest charges received, fees received, fees assessed, and cash disbursements pertaining to the loan, including court costs.

(i) The date to which interest charges are current, any unpaid fees, and the balance due on the principal.

Mich. Admin. Code R. 493.24

2020 MR 11, Eff. 6/8/2020