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Act 173 of 1987
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MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT

Act 173 of 1987

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


© 2009 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 445.1651SectionShort title.
Section 445.1651aSectionDefinitions.
Section 445.1652SectionMortgage 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-445.1652cSectionRepealed. 2009, Act 76, Eff. July 31, 2010.
Section 445.1653SectionLicense or renewal; application; form; investigation; determination; issuance; indemnification.
Section 445.1654SectionProof of financial responsibility.
Section 445.1655SectionMinimum net worth.
Section 445.1656SectionRegistration required; applicability of certain provisions; licensing or registration of real estate broker or salesperson; improper use of business name.
Section 445.1657SectionExpiration of registration or license; renewal; application; fee; limitation; financial statement.
Section 445.1658SectionPayment 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 445.1659SectionTransfer or assignment of license or registration.
Section 445.1660SectionSurrender, revocation, or suspension of license or registration; loss or destruction; affidavit.
Section 445.1661SectionPowers of commissioner generally.
Section 445.1662SectionNotice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order.
Section 445.1663SectionComplaint; investigation; federal regulatory authority.
Section 445.1664SectionProvisions applicable to investigation.
Section 445.1665SectionSummary suspension of license or registration; order; affidavit; dissolution of summary suspension order; record.
Section 445.1666SectionCease and desist order; hearing; violation; injunction.
Section 445.1667SectionRemedies cumulative.
Section 445.1668SectionNotice of hearing on complaint; service; informal conference; settlement; compliance; hearing.
Section 445.1668aSectionFraud; prohibition; notice; hearing; order.
Section 445.1668bSectionHearing; final decision; judicial review; effect of review on order.
Section 445.1668cSectionEnforcement of order; jurisdiction.
Section 445.1668dSectionViolation as misdemeanor; penalty.
Section 445.1668eSectionViolation of order; exceptions.
Section 445.1669SectionContinuing to service mortgage loan or making mortgage after suspension or revocation of license or registration; termination of commitment; refund.
Section 445.1670SectionPowers of commissioner in conducting examination or investigation; conduct of person subpoenaed as misdemeanor; conduct of investigation.
Section 445.1671SectionBooks, accounts, records, and documents; preservation and examination; reports; false statement as felony; penalty.
Section 445.1672SectionViolations generally.
Section 445.1672aSectionMortgage loans; prohibited advertising.
Section 445.1672bSectionRepealed. 2009, Act 76, Eff. July 31, 2010.
Section 445.1673SectionReasonable and necessary charges; terms and conditions of guarantee.
Section 445.1674SectionAnnual statement and ledger history of borrower's account; fee prohibited.
Section 445.1675SectionApplicability of act.
Section 445.1675aSectionExemptions; filing affidavit; failure to meet qualifications.
Section 445.1676SectionLaws to which mortgage loan subject.
Section 445.1677SectionPeriod within which to file application for license and proof of financial responsibility, to pay fees, or to register.
Section 445.1678SectionCivil or criminal liability.
Section 445.1679SectionProhibited 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 445.1680SectionEffect of noncompliance on validity or enforceability of mortgage loan.
Section 445.1681SectionAction to obtain declaratory judgment, injunction, or actual damages; limitation.
Section 445.1682SectionConservatorship.
Section 445.1683SectionMortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations.
Section 445.1684SectionClaims filed against proof of financial responsibility.