MCL - 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
| Document | Type | Description |
|---|---|---|
| Section 445.1651 | Section | Short title. |
| Section 445.1651a | Section | Definitions. |
| Section 445.1652 | Section | Mortgage 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| Section 445.1652a-445.1652c | Section | Repealed. 2009, Act 76, Eff. July 31, 2010. |
| Section 445.1653 | Section | License or renewal; application; form; investigation; determination; issuance; indemnification. |
| Section 445.1654 | Section | Proof of financial responsibility. |
| Section 445.1655 | Section | Minimum net worth. |
| Section 445.1656 | Section | Registration required; applicability of certain provisions; licensing or registration of real estate broker or salesperson; improper use of business name. |
| Section 445.1657 | Section | Expiration of registration or license; renewal; application; fee; limitation; financial statement. |
| Section 445.1658 | Section | Payment 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 445.1659 | Section | Transfer or assignment of license or registration. |
| Section 445.1660 | Section | Surrender, revocation, or suspension of license or registration; loss or destruction; affidavit. |
| Section 445.1661 | Section | Powers of commissioner generally. |
| Section 445.1662 | Section | Notice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order. |
| Section 445.1663 | Section | Complaint; investigation; federal regulatory authority. |
| Section 445.1664 | Section | Provisions applicable to investigation. |
| Section 445.1665 | Section | Summary suspension of license or registration; order; affidavit; dissolution of summary suspension order; record. |
| Section 445.1666 | Section | Cease and desist order; hearing; violation; injunction. |
| Section 445.1667 | Section | Remedies cumulative. |
| Section 445.1668 | Section | Notice of hearing on complaint; service; informal conference; settlement; compliance; hearing. |
| Section 445.1668a | Section | Fraud; prohibition; notice; hearing; order. |
| Section 445.1668b | Section | Hearing; final decision; judicial review; effect of review on order. |
| Section 445.1668c | Section | Enforcement of order; jurisdiction. |
| Section 445.1668d | Section | Violation as misdemeanor; penalty. |
| Section 445.1668e | Section | Violation of order; exceptions. |
| Section 445.1669 | Section | Continuing to service mortgage loan or making mortgage after suspension or revocation of license or registration; termination of commitment; refund. |
| Section 445.1670 | Section | Powers of commissioner in conducting examination or investigation; conduct of person subpoenaed as misdemeanor; conduct of investigation. |
| Section 445.1671 | Section | Books, accounts, records, and documents; preservation and examination; reports; false statement as felony; penalty. |
| Section 445.1672 | Section | Violations generally. |
| Section 445.1672a | Section | Mortgage loans; prohibited advertising. |
| Section 445.1672b | Section | Repealed. 2009, Act 76, Eff. July 31, 2010. |
| Section 445.1673 | Section | Reasonable and necessary charges; terms and conditions of guarantee. |
| Section 445.1674 | Section | Annual statement and ledger history of borrower's account; fee prohibited. |
| Section 445.1675 | Section | Applicability of act. |
| Section 445.1675a | Section | Exemptions; filing affidavit; failure to meet qualifications. |
| Section 445.1676 | Section | Laws to which mortgage loan subject. |
| Section 445.1677 | Section | Period within which to file application for license and proof of financial responsibility, to pay fees, or to register. |
| Section 445.1678 | Section | Civil or criminal liability. |
| Section 445.1679 | Section | Prohibited 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 445.1680 | Section | Effect of noncompliance on validity or enforceability of mortgage loan. |
| Section 445.1681 | Section | Action to obtain declaratory judgment, injunction, or actual damages; limitation. |
| Section 445.1682 | Section | Conservatorship. |
| Section 445.1683 | Section | Mortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations. |
| Section 445.1684 | Section | Claims filed against proof of financial responsibility. |