Mich. Admin. Code R. 390.1466

Current through Vol. 24-22, December 15, 2024

Section R. 390.1466 - Reimbursement of lender claim; assignment of notes

Rule 66.

(1) The authority shall reimburse the lending institution at a level that is not less than the authority's level of reimbursement by the secretary specified in the provisions of 34 C.F.R. SS682.404 and 682.405. These provisions are adopted by reference in R 390.1491.

(2) A lender shall assign all of its rights in the note to the authority before claim purchase.

Mich. Admin. Code R. 390.1466

1979 AC; 1984 AACS; 1990 AACS