Michigan Legislature - Act 173 of 1987

      MICHIGAN LEGISLATURE
95th Legislature Regular Session
Michigan Compiled Laws Complete Through PA 242 of 2009
House: Adjourned until Wednesday, February 10, 2010 1:30:00 PM
Senate: Adjourned until Wednesday, February 10, 2010 10:00:00 AM

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Act 173 of 1987

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***** Act 173 of 1987 THIS TITLE, BEGINNING WITH THE FIRST INSTANCE OF "AN ACT", IS AMENDED EFFECTIVE JULY 31, 2010 *****

***** Act 173 of 1987.amended THIS AMENDED TITLE, BEGINNING WITH THE SECOND INSTANCE OF "AN ACT", IS EFFECTIVE JULY 31, 2010 *****

MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT
Act 173 of 1987
AN ACT to define and regulate mortgage brokers, mortgage lenders, and mortgage servicers and their loan officers; to prescribe the powers and duties of certain public officers and agencies; to provide for the promulgation of rules; and to provide remedies and penalties. AN ACT to define and regulate mortgage brokers, mortgage lenders, and mortgage servicers; to prescribe the powers and duties of certain public officers and agencies; to provide for the promulgation of rules; and to provide remedies and penalties.

History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 ;-- Am. 2008, Act 66, Imd. Eff. Apr. 3, 2008 ;-- Am. 2009, Act 76, Eff. July 31, 2010

Document	Type	Description
Section 445.1651	Section	Short title.
Section 445.1651a	Section	Definitions.
Section 445.1651a.amended	Section	Definitions.
Section 445.1652	Section	Mortgage broker, mortgage lender, or mortgage servicer; license or registration required; exemption; application; applicability of subsection (3) after March 31, 2009; "residential mortgage originator" defined; applicability of subsection (5) after March 31, 2009; compensation or other remuneration; words contained in name or assumed name; "employee" defined.
Section 445.1652.amended	Section	Mortgage broker, mortgage lender, or mortgage servicer; license or registration required; exemption; application; compensation or other remuneration; words contained in name or assumed name; "employee" defined.
Section 445.1652a	Section	Performance of services by employee or agent of licensee or registrant; criminal history check; application for loan officer registration; form; performance of services while application pending; issuance of registration prohibited; conditions; registration of loan officer; requirements; waiver; disclosure of information; use of certain titles or designations.
Section 445.1652b	Section	Loan officer registration; validity; duration; termination; application for renewal; fee; form; process for submission of renewal; information to be included; affidavit disclosing criminal conviction of or plea of no contest; renewal prohibited; conditions; application as new applicant; license or registration from another state.
Section 445.1652c	Section	Written notice to be provided to commissioner by loan officer registrant; conditions.
Section 445.1653	Section	License or renewal; application; form; investigation; determination; issuance; indemnification.
Section 445.1654	Section	Proof of financial responsibility.
Section 445.1655	Section	Minimum net worth.
Section 445.1656	Section	Registration required; applicability of certain provisions; licensing or registration of real estate broker or salesperson; improper use of business name.
Section 445.1657	Section	Expiration of registration or license; renewal; application; fee; limitation; financial statement.
Section 445.1658	Section	Payment of investigation and annual operating fees; establishment of annual fee schedule; limitation; fees nonrefundable; action for delinquent payment; licensee or registrant report; penalties; establishment and administration of MBLSLA fund; basis for setting operating fee.
Section 445.1658.amended	Section	Payment for investigation and annual operating fees; establishment of annual fee schedule; limitation; fees nonrefundable; action for delinquent payment; licensee or registrant report; penalties; establishment and administration of MBLSLA fund; basis for setting operating fee.
Section 445.1659	Section	Transfer or assignment of license or registration.
Section 445.1660	Section	Surrender, revocation, or suspension of license, registration, or loan officer registration; loss or destruction; affidavit.
Section 445.1660.amended	Section	Surrender, revocation, or suspension of license or registration; loss or destruction; affidavit.
Section 445.1661	Section	Powers of commissioner generally.
Section 445.1661.amended	Section	Powers of commissioner generally.
Section 445.1662	Section	Notice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order.
Section 445.1662.amended	Section	Notice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order.
Section 445.1663	Section	Complaint; investigation; federal regulatory authority.
Section 445.1664	Section	Provisions applicable to investigation.
Section 445.1664.amended	Section	Provisions applicable to investigation.
Section 445.1665	Section	Summary suspension of license or registration; order; affidavit; dissolution of summary suspension order; record.
Section 445.1666	Section	Cease and desist order; hearing; violation; injunction.
Section 445.1667	Section	Remedies cumulative.
Section 445.1668	Section	Notice of hearing on complaint; service; informal conference; settlement; compliance; hearing.
Section 445.1668a	Section	Fraud; prohibition; notice; hearing; order.
Section 445.1668b	Section	Hearing; final decision; judicial review; effect of review on order.
Section 445.1668c	Section	Enforcement of order; jurisdiction.
Section 445.1668d	Section	Violation as misdemeanor; penalty.
Section 445.1668e	Section	Violation of order; exceptions.
Section 445.1669	Section	Continuing to service mortgage loan or making mortgage after suspension or revocation of license or registration; termination of commitment; refund.
Section 445.1670	Section	Powers of commissioner in conducting examination or investigation; conduct of person subpoenaed as misdemeanor; conduct of investigation.
Section 445.1671	Section	Books, accounts, records, and documents; preservation and examination; reports; false statement as felony; penalty.
Section 445.1672	Section	Violations generally.
Section 445.1672a	Section	Mortgage loans; prohibited advertising.
Section 445.1672b	Section	Loan officer registrant; prohibited conduct.
Section 445.1673	Section	Reasonable and necessary charges; terms and conditions of guarantee.
Section 445.1674	Section	Annual statement and ledger history of borrower's account; fee prohibited.
Section 445.1675	Section	Applicability of act.
Section 445.1675a	Section	Exemptions; filing affidavit; failure to meet qualifications.
Section 445.1676	Section	Laws to which mortgage loan subject.
Section 445.1677	Section	Period within which to file application for license and proof of financial responsibility, to pay fees, or to register.
Section 445.1678	Section	Civil or criminal liability.
Section 445.1679	Section	Prohibited conduct; misdemeanor; penalty; violation of act or rules; civil fine; suspension or revocation of license or registration; refusal to issue or renew license or registration; restitution; proceedings subject to MCL 24.201 to 24.328; bona fide error; violation of MCL 445.1672b(e)(ii).
Section 445.1679.amended	Section	Prohibited conduct; misdemeanor; penalty; violation of act or rules; civil fine; suspension or revocation of license or registration; refusal to issue or renew license or registration; restitution; proceedings subject to MCL 24.201 to 24.328; bona fide error.
Section 445.1680	Section	Effect of noncompliance on validity or enforceability of mortgage loan.
Section 445.1681	Section	Action to obtain declaratory judgment, injunction, or actual damages; limitation.
Section 445.1682	Section	Conservatorship.
Section 445.1683	Section	Mortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations; "secondary mortgage loan act" defined:
Section 445.1683.amended	Section	Mortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations:
Section 445.1684	Section	Claims filed against proof of financial responsibility.

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