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MORTGAGE LOAN ORIGINATOR LICENSING ACT Act 75 of 2009 AN ACT to provide for the licensing of mortgage loan originators; to regulate the business practices of mortgage loan originators; to establish certain obligations of employees and principals of mortgage loan originators; to prescribe the powers and duties of certain state agencies and officials; and to provide remedies and prescribe penalties.
History: 2009, Act 75, Eff. July 31, 2009 © 2009 Legislative Council, State of Michigan The People of the State of Michigan enact:
Section 493.131 Section Short title.
Section 493.133 Section Definitions.
Section 493.135 Section Engaging in business of mortgage loan originator; license required; exemptions; independent contractor; establishment of licensing rules and interim procedures.
Section 493.137 Section Application; form; fee; criminal history check; relationships or contracts with nationwide mortgage licensing system and registry; furnishing certain information; use.
Section 493.139 Section Issuance of mortgage loan originator license; findings; conviction.
Section 493.141 Section Prelicensing education requirements.
Section 493.143 Section Qualified written test.
Section 493.145 Section Annual renewal; expiration; reinstatement.
Section 493.147 Section Continuing education requirements.
Section 493.149 Section Fees; reports; penalties; deposit of money in MBLSLA fund; limitation on fee levels.
Section 493.151 Section Mortgage loan originators; license and registration through nationwide mortgage licensing system and registry; rules.
Section 493.153 Section Process for challenging information entered.
Section 493.155 Section Powers of commissioner; finding of violation or noncompliance; fine.
Section 493.157 Section Fraud; notice of intent to prohibit licensure; contents; hearing; order; service; application to terminate order; imminent threat of financial loss to customers; conviction of felony; mailing of notice or issued to employer or principal; decision; judicial review; enforcement; violation of final order; "fraud" defined.
Section 493.159 Section Surety bond.
Section 493.161 Section Privacy or confidentiality of information or material.
Section 493.163 Section Investigations and examinations; access to books and records; reports; control of access to documents or records; duties and authority of commissioner; prohibited conduct by licensed mortgage loan originator or person subject to investigation.
Section 493.165 Section Licensed mortgage loan originator; prohibited conduct.
Section 493.167 Section Reports of condition.
Section 493.169 Section Report of violations; rules.
Section 493.171 Section Unique identifier of originator of residential mortgage loan.