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Act 75 of 2009
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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

© 2015 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 493.131SectionShort title.
Section 493.133SectionDefinitions.
Section 493.135SectionEngaging in business of mortgage loan originator; license required; exemptions; independent contractor loan processor or underwriter; establishment of licensing rules and interim procedures.
Section 493.137SectionApplication; form; fee; criminal history check; relationships or contracts with nationwide mortgage licensing system and registry; furnishing certain information; use.
Section 493.139SectionIssuance of mortgage loan originator license; findings; conviction.
Section 493.141SectionPrelicensing education requirements.
Section 493.143SectionQualified written test.
Section 493.145SectionAnnual renewal; expiration; reinstatement.
Section 493.147SectionContinuing education requirements.
Section 493.149SectionFees; reports; penalties; deposit of money in MBLSLA fund; limitation on fee levels.
Section 493.151SectionMortgage loan originators; license and registration through nationwide mortgage licensing system and registry; rules.
Section 493.153SectionProcess for challenging information entered.
Section 493.155SectionPowers of commissioner; finding of violation or noncompliance; fine.
Section 493.157SectionFraud; 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 493.159SectionSurety bond.
Section 493.161SectionPrivacy or confidentiality of information or material.
Section 493.163SectionInvestigations 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 493.165SectionLicensed mortgage loan originator; prohibited conduct.
Section 493.167SectionReports of condition.
Section 493.169SectionReport of violations; rules.
Section 493.171SectionUnique identifier of originator of residential mortgage loan.