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Michigan Legislature
Michigan Compiled Laws Complete Through PA 123 of 2019
House: Adjourned until Thursday, December 19, 2019 11:30:00 AM
Senate: Adjourned until Thursday, December 19, 2019 11:30:00 AM


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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Chapter 493 - REGULATORY LOANS
Act 21 of 1939 ‑ REGULATORY LOAN ACT (493.1 - 493.26)
     Section 493.1 ‑ Short title; definitions.
     Section 493.1a ‑ Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.
     Section 493.2 ‑ Business of making loans; license required; application for license; oath; form and contents; fees; proof of net worth.
     Section 493.3 ‑ Licenses; bond of applicant; approval; conditions.
     Section 493.4 ‑ Investigation; findings; issuance or denial of license; notice; transcript of decision and findings.
     Section 493.5 ‑ Licenses; contents; posting; transfer; assignment.
     Section 493.6 ‑ Net worth; additional bond; filing.
     Section 493.7 ‑ Changing name or place of business; procedure; activities at more than 1 place of business; ceasing to engage in activities subject to act.
     Section 493.8 ‑ Annual establishment of fees schedule; bond; action for recovery of fees or penalties; fees nonrefundable; report; disposition and use of money received.
     Section 493.9 ‑ Revocation, suspension, or surrender of license; reinstatement or issuance of new license; transcript of order.
     Section 493.9a ‑ Cease and desist order; grounds; notice; failure to appear at hearing; findings; effective date and duration of order.
     Section 493.9b ‑ Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
     Section 493.9c ‑ Fraud.
     Section 493.9d ‑ Hearing; decision; findings; judicial review; stay.
     Section 493.9e ‑ Enforcement of order; jurisdiction.
     Section 493.9f ‑ Violation as misdemeanor; penalty.
     Section 493.9g ‑ Violation of order; exceptions.
     Section 493.10 ‑ Commissioner of state banking department; authority to investigate business and examine records; witnesses; examination of licensee; construction of section; disposition of fees.
     Section 493.11 ‑ Books, accounts, and records of licensee; preservation and accessibility; filing financial statement with commissioner; reports.
     Section 493.12 ‑ Statements or representations by licensee; lien on real estate; confession of judgment or power of attorney prohibited; note or evidence of indebtedness; blanks; discrimination on basis of sex or marital status prohibited; knowingly permitting person to violate order; fee; conditions.
     Section 493.12a ‑ False, misleading, deceptive, or irresponsible advertising unlawful; definition; requirements for advertising.
     Section 493.12b ‑ Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
     Section 493.12c ‑ False, misleading, deceptive, or irresponsible advertising; report to attorney general; action to restrain by temporary or permanent injunction; costs; civil penalty; notice to licensee; assurance of discontinuance; violation subject to civil penalty; jurisdiction, continuance of cause, and petition for recovery of civil penalty; effect of action or failure to act by commissioner.
     Section 493.12d ‑ Action to enjoin licensee from advertising; circuit court.
     Section 493.13 ‑ Limitation on amount of loan and interest charge; obligation under more than 1 loan contract; computation and payment of charges; loan processing fee; fees; amount other than or in excess of charges permitted by act; penalties; “open-end credit” defined.
     Section 493.13a ‑ Credit life insurance; other insurance.
     Section 493.14 ‑ Licensee; duties.
     Section 493.14a ‑ Compliance with federal consumer credit protection act.
     Section 493.15 ‑ Contract in compliance with retail installment sales act or home improvement finance act.
     Section 493.15a ‑ Regulatory loan contract; nonperformance by borrower; advances by licensee; termination of insurance upon reinstatement of contractual duties by borrower.
     Section 493.16 ‑ Repealed. 1978, Act 528, Eff. Mar. 30, 1979.
     Section 493.17 ‑ Assignment or order for payment of compensation to secure loan invalid; validity of chattel mortgage or lien on household goods; married borrower; signatures; written assent of spouse.
     Section 493.18 ‑ Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country.
     Section 493.19 ‑ Violation as misdemeanor; penalty.
     Section 493.20 ‑ Businesses exempt from act.
     Section 493.21 ‑ Enforcement of act; rules.
     Section 493.22 ‑ Amendments or repeals of act; impairment of obligation.
     Section 493.23 ‑ Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
     Section 493.24 ‑ Review of decisions and regulations; limitations; method; jurisdiction of courts.
     Section 493.25 ‑ Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.
     Section 493.26 ‑ Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
Act 125 of 1981 ‑ THE SECONDARY MORTGAGE LOAN ACT (493.51 - 493.81)
     Section 493.51 ‑ Short title; definitions.
     Section 493.52 ‑ Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name.
     Section 493.52a‑493.52d ‑ Repealed. 2009, Act 77, Eff. July 31, 2010.
     Section 493.53 ‑ Application for license or registration; form and contents.
     Section 493.53a ‑ Broker, lender, or servicer; registration with commissioner; form.
     Section 493.54 ‑ Fees.
     Section 493.55 ‑ Investigation; issuance or refusal to issue license.
     Section 493.56 ‑ License or registration; filing application or renewal; bond or letter of credit; claims filed against proof of financial responsibility; maintenance of net worth; determination; assets excluded from computation.
     Section 493.56a ‑ Registration or license; expiration; renewal; filing financial statement; exemption; fees; failure to submit reports or fees; disposition of money received; "MBLSLA fund" defined; limitation on fees; annual report; additional reports; false statement as felony.
     Section 493.56b ‑ Powers of commissioner.
     Section 493.57 ‑ Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
     Section 493.58 ‑ Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record.
     Section 493.59 ‑ Order in addition to other legal actions.
     Section 493.60 ‑ Complaint; forwarding to licensee or registrant; response; investigation or administrative action.
     Section 493.61 ‑ Suspension, revocation, or refusal to issue or renew license or registration; notice; hearing; findings; facts or conditions; surrender of license or registration; preexisting contract not affected; lost or destroyed license or registration certificate.
     Section 493.62 ‑ Contracts or commitments made prior to suspension or revocation.
     Section 493.62a ‑ Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest.
     Section 493.63 ‑ Duration of license or registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfer.
     Section 493.64 ‑ Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement.
     Section 493.64a ‑ Fraud.
     Section 493.64b ‑ Hearing; final decision; judicial review; stay of commissioner's order.
     Section 493.64c ‑ Enforcement of order; jurisdiction.
     Section 493.64d ‑ Violation as misdemeanor; penalty.
     Section 493.64e ‑ Violation of order; exceptions.
     Section 493.65 ‑ Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor.
     Section 493.66 ‑ Failure to testify or comply with subpoena; court order; contempt.
     Section 493.67 ‑ Maintaining records relating to conduct of business; availability; statement of borrower's account; ledger history; obligation of servicer; fee prohibited.
     Section 493.68 ‑ Documents; preservation; other books, accounts, records, and documents.
     Section 493.69 ‑ Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
     Section 493.70 ‑ Making or offering to make secondary mortgage loan; terms and conditions.
     Section 493.71 ‑ Interest rate; limitation; computation; prepaid finance charge or fee.
     Section 493.72 ‑ Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program.
     Section 493.73 ‑ Instrument evidencing or securing secondary mortgage; contents.
     Section 493.74 ‑ Licensee or registrant; prohibited conduct.
     Section 493.75 ‑ Violation of consumer credit protection act as violation of act.
     Section 493.76 ‑ Advertising; prohibited conduct.
     Section 493.76a ‑ Repealed. 2009. Act 77, Eff. July 31, 2010.
     Section 493.77 ‑ Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions.
     Section 493.78 ‑ Rules.
     Section 493.79 ‑ Construction of act; applicability.
     Section 493.79a ‑ Applicability of act to nonprofit corporation.
     Section 493.80 ‑ Persons permitted to make secondary mortgage loans.
     Section 493.81 ‑ Powers and duties of attorney general.
Act 379 of 1984 ‑ CREDIT CARD ARRANGEMENTS (493.101 - 493.114)
     Section 493.101 ‑ Definitions.
     Section 493.102 ‑ Credit card arrangement; license required; terms and conditions.
     Section 493.103 ‑ Application for license; oath; form; contents; fees; net worth requirements; rules.
     Section 493.104 ‑ Investigation; finding; issuance of license; refusal to issue license; expiration of license.
     Section 493.105 ‑ Duties of commissioner upon refusal to issue license.
     Section 493.106 ‑ Suspension, revocation, or refusal to renew license; notice; grounds; surrender of license; duration of license; reinstatement or issuance of new license; preexisting lawful contracts.
     Section 493.107 ‑ Investigations and examination of books, accounts, records, and files; electronic data processing not prohibited; establishment of annual fee schedule; fees nonrefundable; penalty; disposition and use of fees and expenses; action for recovery of fees or expenses.
     Section 493.108 ‑ Subpoena of witnesses and evidence; oaths and affirmations; noncompliance; order; contempt.
     Section 493.109 ‑ Books, accounts, and records; maintenance, preservation, and availability; audit; cost.
     Section 493.110 ‑ Maximum interest; computation; fee; offer of loan or credit in connection with other accounts, services, or similar agreements; prohibited conditions.
     Section 493.111 ‑ Truth in lending act; disclosures, information, and notices; applicability.
     Section 493.112 ‑ Wilful and intentional violation as misdemeanor; conduct barring recovery and entitling consumer to attorney fees and court costs; authorized actions.
     Section 493.113 ‑ Rules.
     Section 493.114 ‑ Exemptions; credit card or charge card issued prior to effective date of act.
Act 75 of 2009 ‑ MORTGAGE LOAN ORIGINATOR LICENSING ACT (493.131 - 493.171)
     Section 493.131 ‑ Short title.
     Section 493.133 ‑ Definitions.
     Section 493.135 ‑ Engaging in business of mortgage loan originator; license required; exemptions; independent contractor loan processor or underwriter; establishment of licensing rules and interim procedures.
     Section 493.137 ‑ Application; form; fee; criminal history check; relationships or contracts with nationwide mortgage licensing system and registry; furnishing certain information; use.
     Section 493.139 ‑ Issuance of mortgage loan originator license; findings; conviction.
     Section 493.141 ‑ Prelicensing education requirements.
     Section 493.143 ‑ Qualified written test.
     Section 493.145 ‑ Annual renewal; expiration; reinstatement.
     Section 493.147 ‑ Continuing education requirements.
     Section 493.149 ‑ Fees; reports; penalties; deposit of money in MBLSLA fund; limitation on fee levels.
     Section 493.151 ‑ Mortgage loan originators; license and registration through nationwide mortgage licensing system and registry; rules.
     Section 493.153 ‑ Process for challenging information entered.
     Section 493.155 ‑ Powers of commissioner; finding of violation or noncompliance; fine.
     Section 493.157 ‑ 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 ‑ Surety bond.
     Section 493.161 ‑ Privacy or confidentiality of information or material.
     Section 493.163 ‑ 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 ‑ Licensed mortgage loan originator; prohibited conduct.
     Section 493.167 ‑ Reports of condition.
     Section 493.169 ‑ Report of violations; rules.
     Section 493.171 ‑ Unique identifier of originator of residential mortgage loan.

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