I have very recently become the Compliance Officer at my bank in Michigan. We just found some brochures entitled "Criteria for the Approval or Denial of a ____ Loan."

Is anyone aware of any state law that requires we provide these to applicants at the time of application or at the time of denial?

I appreciate your help.

Welcome to the bright sunny side of banking Linda!

Without knowing what the brochure covers, I wouldn't be so bold as to give a definitvie answer. However, from the title alone it sounds like an internal brochure. We don't have anything like that in our loan disclosures.

I would also be concerned that they are outdated if you just 'found' them. I'm sure that your bank has gone through it's share of revamping of lending criteria during the last two years along with the rest of us.

Check out the following link on the Michigan Legislature's website, number 10 at the bottom:
http://www.legislature.mi.gov/(S(kmvf0055s4eqil45kcuh0055))/mileg.aspx?page=getObject&objectName=mcl-445-1602

Excellent information Small Town Girl - thanks!

I didn't take into account that Linda's bank is likely a state chartered bank. We are a federally chartered OTS institution and preempt from certain state lending laws. I'm assuming at this moment that this is one of them as I have never seen a brochure of this type in our institution. However, we all know what happens when we assume, so I've added it to my to do list to verified that our exemption covers it as well.

Linda - you will still want to make sure it is up-to-date and relevant.

The brochure requirement is from section 1602 - also see section 1605. (You need a poster, too...)