Sec. 102. (1) This article shall be liberally construed and applied to promote its underlying purposes and policies. (2) The underlying purposes and policies of this article are: (a) to permit and encourage the development of fair and economically sound first lien mortgage lending practices; and (b) to conform the regulation of first lien mortgage lending practices to applicable state and federal laws, rules, regulations, policies, and guidance. (3) A reference to a requirement imposed by this article includes reference to a related rule of the department adopted under this article. (4) A reference to a federal law in this article is a reference to the law as in effect December 31, 2024.
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