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; date required for obtaining license under act. |
| 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. |