Act No. 326
Public Acts of 2008
Approved by the Governor
December 17, 2008
Filed with the Secretary of State
December 18, 2008
EFFECTIVE DATE: December 18, 2008
STATE OF MICHIGAN
REGULAR SESSION OF 2008
Introduced by Senators Sanborn, Richardville, Barcia, Brown, Birkholz, Pappageorge, Garcia and Basham
ENROLLED SENATE BILL No. 1553
AN ACT to amend 1987 PA 173, entitled "An act to define and regulate mortgage brokers, mortgage lenders, and mortgage servicers and their loan officers; 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," by amending section 8 (MCL 445.1658), as amended by 2008 PA 72.
The People of the State of Michigan enact:
Sec. 8. (1) At the time of making an initial application for a license under this act, and at the time of making the first application for a license after the suspension or revocation of a license, an applicant for licensure under this act shall pay to the commissioner a fee for investigating the applicant and the minimum annual operating fee established by the commissioner in subsection (3). To renew a license that is not suspended or revoked, the applicant shall only pay to the commissioner the annual operating fee established in subsection (3). At the time of filing a registration or a renewal of a registration, a registrant shall pay to the commissioner an annual operating fee established in subsection (3).
(2) If an initial or renewed license or registration described in subsection (1) will have an effective date within 6months of the expiration date described in section 7, the initial or renewal annual operating fee for that license or registration is 1/2 of the annual operating fee.
(3) The commissioner shall annually establish a schedule of fees that are sufficient to pay, but not to exceed, the office of financial and insurance regulation's reasonably anticipated costs of administering and enforcing this act. Subject to subsection (2), the fees are as follows:
(a) For the investigation of an applicant for a license, a fee of not less than $400.00 or more than $1,000.00.
(b) Except as set forth in subdivision (c), a licensee or registrant annually shall pay an operating fee based upon the number of closed mortgage loans the licensee or registrant brokered to other parties, the number of mortgage loans closed by the licensee or registrant during the previous calendar year, and the dollar volume of loans serviced by the licensee or registrant as of December 31 of the previous calendar year. In the 1-year period beginning July 2, 1996, the operating fee shall be not less than $250.00 and not more than $2,500.00. Beginning July 2, 1997, in the discretion of the commissioner, subject to the limitation set forth in this subsection, the commissioner may increase the maximum operating fee at an annual rate of not more than 10% in the second, third, and fourth 1-year periods after the 1-year period beginning July 2, 1996, and in the fifth and subsequent years, at an annual rate of not more than the annual increase for the immediately preceding 12-month period in the Detroit consumer price index as reported by the UnitedStates department of labor. For purposes of this subdivision, "mortgage loan" includes only mortgage loans subject to this act.
(c) For amending or reissuing a license, registration, or loan officer registration, a fee of not less than $15.00 or more than $200.00.
(d) A licensee or registrant shall pay the actual travel, lodging, and meal expenses incurred by employees of the office of financial and insurance regulation who travel out of state to examine the records of the licensee or investigate the licensee or registrant and the cost of independent investigators employed under section 20(1)(e).
(e) An annual fee for each loan officer registrant in an amount established by the commissioner. For purposes of this subdivision, the commissioner shall establish an amount for the annual fee that is sufficient to defray the estimated cost of administering and enforcing the loan officer registration provisions of this act.
(4) Fees received under this act are not refundable.
(5) If any fees or penalties provided for in this act are not paid when required, the attorney general may maintain an action against the delinquent licensee or registrant for the recovery of the fees or penalties together with interest and costs.
(6) A licensee or registrant who fails to submit to the commissioner a report required under section 7 or section 21 is subject to a penalty of $25.00 for each day the report is delinquent or $1,000.00, whichever is less.
(7) A licensee or registrant whose license or registration renewal fee is not received on or before December 31 is subject to a penalty of $25.00 for each day the fee is delinquent or $1,000.00, whichever is less.
(8) The department of treasury shall establish and administer a restricted account in the general fund named the MBLSLA fund. The department of treasury shall credit to the account all fees collected under this act or under the commissioner's authority under this act, fees described in section 6a of the secondary mortgage loan act, 1981 PA 125, MCL 493.56a, and money appropriated or received from any source. The department of treasury shall use the money in the account only to provide money to the commissioner to administer and enforce this act and the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, and to pay other costs associated with the commissioner's regulatory obligations. Money in the account at the end of a state fiscal year shall not revert to the general fund but shall be carried over in the account to the next state fiscal year.
(9) The annual operating fee set by the commissioner under subsection (3)(b) shall be based upon information in reports filed under section 21.
Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 94th Legislature are enacted into law:
(a) Senate Bill No. 1552.
(b) Senate Bill No. 1554.
(c) Senate Bill No. 1555.
(d) House Bill No. 6562.
This act is ordered to take immediate effect.
Secretary of the Senate
Clerk of the House of Representatives