***** Act 125 of 1981 THIS TITLE, BEGINNING WITH THE FIRST INSTANCE OF "AN ACT", IS AMENDED EFFECTIVE JULY 31, 2010 *****
***** Act 125 of 1981.amended THIS AMENDED TITLE, BEGINNING WITH THE SECOND INSTANCE OF "AN ACT", IS EFFECTIVE JULY 31, 2010 *****
THE SECONDARY MORTGAGE LOAN ACT
Act 125 of 1981
AN ACT to regulate secondary mortgage loans; to regulate secondary mortgage brokers, lenders, servicers, and loan officers;
to prescribe powers and duties of certain state agencies and officials; to require certain fees; to provide for the establishment of a revolving fund; to provide for the promulgation of rules; and to provide remedies and prescribe penalties.
AN ACT to regulate secondary mortgage loans; to regulate secondary mortgage brokers, lenders, and servicers; to prescribe powers and duties of certain state agencies and officials; to require certain fees; to provide for the establishment of a revolving fund; to provide for the promulgation of rules; and to provide remedies and prescribe penalties.
History: 1981, Act 125, Imd. Eff. July 23, 1981
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Am. 1988, Act 444, Imd. Eff. Dec. 27, 1988
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Am. 1989, Act 66, Imd. Eff. June 16, 1989
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Am. 1995, Act 164, Eff. Mar. 28, 1996
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Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997
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Am. 2008, Act 325, Imd. Eff. Dec. 18, 2008
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Am. 2009, Act 77, Eff. July 31, 2010
Popular Name: Secondary Mortgage Loan Act
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
| Section 493.51 | Section | Short title; definitions. |
| Section 493.51.amended | Section | Short title; definitions. |
| Section 493.52 | Section | Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name. |
| Section 493.52.amended | Section | Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name. |
| Section 493.52a | Section | Performance of services as secondary mortgage loan officer; requirements; criminal history check; registration; application; form; information to be provided; performance of services while application pending; issuance of registration; waiver of requirements; individual considered as secondary mortgage loan officer registrant. |
| Section 493.52b | Section | Certain information available to the public; use of title or designation; receipt of remuneration or benefits; conditions; payment of remuneration or benefits prohibited. |
| Section 493.52c | Section | Secondary mortgage loan officer registration; validity; duration; application for renewal; requirements. |
| Section 493.52d | Section | Conditions requiring notice. |
| Section 493.53 | Section | Application for license or registration; form and contents. |
| Section 493.53a | Section | Broker, lender, or servicer; registration with commissioner; form. |
| Section 493.54 | Section | Fees. |
| Section 493.55 | Section | Investigation; issuance or refusal to issue license. |
| Section 493.56 | Section | License or registration; filing application or renewal; indemnification agreement; subsection (2) inapplicable after March 31, 2009; bond or letter of credit; claims filed against proof of financial responsibility; maintenance of net worth; determination; assets excluded from computation. |
| Section 493.56.amended | Section | 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 | Section | 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 493.56a.amended | Section | 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 | Section | Powers of commissioner. |
| Section 493.56b.amended | Section | Powers of commissioner. |
| Section 493.57 | Section | Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. |
| Section 493.58 | Section | Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record. |
| Section 493.59 | Section | Order in addition to other legal actions. |
| Section 493.60 | Section | Complaint; forwarding to licensee or registrant; response; investigation or administrative action. |
| Section 493.61 | Section | Suspension, revocation, or refusal to renew license, registration, or secondary mortgage loan officer registration; notice; hearing; findings; facts or conditions; surrender of license or registration; preexisting contract not affected; lost or destroyed license, registration, or secondary mortgage loan officer registration certificate. |
| Section 493.61.amended | Section | 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 | Section | Contracts or commitments made prior to suspension or revocation. |
| Section 493.62a | Section | Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest. |
| Section 493.63 | Section | Duration of license, registration, or secondary mortgage loan officer registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfer. |
| Section 493.63.amended | Section | 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 | Section | Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement. |
| Section 493.64a | Section | Fraud. |
| Section 493.64b | Section | Hearing; final decision; judicial review; stay of commissioner's order. |
| Section 493.64c | Section | Enforcement of order; jurisdiction. |
| Section 493.64d | Section | Violation as misdemeanor; penalty. |
| Section 493.64e | Section | Violation of order; exceptions. |
| Section 493.65 | Section | Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor. |
| Section 493.66 | Section | Failure to testify or comply with subpoena; court order; contempt. |
| Section 493.67 | Section | Maintaining records relating to conduct of business; availability; statement of borrower's account; ledger history; obligation of servicer; fee prohibited. |
| Section 493.68 | Section | Documents; preservation; other books, accounts, records, and documents. |
| Section 493.69 | Section | Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. |
| Section 493.70 | Section | Making or offering to make secondary mortgage loan; terms and conditions. |
| Section 493.70.amended | Section | Making or offering to make secondary mortgage loan; terms and conditions. |
| Section 493.71 | Section | Interest rate; limitation; computation; prepaid finance charge or fee. |
| Section 493.72 | Section | Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program. |
| Section 493.72.amended | Section | Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program. |
| Section 493.73 | Section | Instrument evidencing or securing secondary mortgage; contents. |
| Section 493.74 | Section | Licensee or registrant; prohibited conduct. |
| Section 493.75 | Section | Violation of consumer credit protection act as violation of act. |
| Section 493.76 | Section | Advertising; prohibited conduct. |
| Section 493.76a | Section | Secondary mortgage loan officer registrant; prohibited conduct. |
| Section 493.77 | Section | Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions. |
| Section 493.77.amended | Section | Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions. |
| Section 493.78 | Section | Rules. |
| Section 493.79 | Section | Construction of act; applicability. |
| Section 493.79a | Section | Applicability of act to nonprofit corporation. |
| Section 493.80 | Section | Persons permitted to make secondary mortgage loans. |
| Section 493.81 | Section | Powers and duties of attorney general. |