HOUSE BILL No. 5291

October 11, 2007, Introduced by Reps. Booher, Young, Kathleen Law, Hopgood, Brown, Valentine, Hammel, Robert Jones, Vagnozzi, Donigan and Dean and referred to the Committee on Banking and Financial Services.

 

     A bill to amend 1987 PA 173, entitled

 

"Mortgage brokers, lenders, and servicers licensing act,"

 

by amending section 14 (MCL 445.1664).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 14. All of the following shall apply to an investigation

 

conducted pursuant to under section 13:

 

     (a) The employees or agents of the financial institutions

 

bureau office of financial and insurance services shall complete

 

the investigation within a reasonable period of time.

 

     (b) If the investigation does not disclose evidence of a

 

violation of this act or a rule promulgated or an order issued

 

under this act, the commissioner shall not use the complaint shall

 

not be used in any subsequent decision by the commissioner to


 

issue, renew, suspend, or revoke the license or loan officer

 

registration or suspend or revoke the registration of the person

 

against whom which the complaint was filed. The commissioner shall

 

forward the results of the investigation shall be forwarded to the

 

complainant and the person against whom the complaint was filed.

 

     (c) In addition to any other action authorized by law, if the

 

investigation discloses evidence of a violation of this act or a

 

rule promulgated or an order issued under this act, the

 

commissioner or the attorney general may prepare a formal complaint

 

to be served on the person against whom which the allegations are

 

made and shall provide a copy of the formal complaint shall be

 

provided to the complainant.

 

     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.____ or House Bill No.____ (request no.

 

03068'07).

 

     (b) Senate Bill No.____ or House Bill No.____ (request no.

 

03157'07).

 

     (c) Senate Bill No.____ or House Bill No.____ (request no.

 

05191'07).

 

     (d) Senate Bill No.____ or House Bill No.____ (request no.

 

05192'07).

 

     (e) Senate Bill No.____ or House Bill No. 5289(request no.

 

05193'07).

 

     (f) Senate Bill No.____ or House Bill No.____ (request no.

 

05194'07).


 

     (g) Senate Bill No.____ or House Bill No.____ (request no.

 

05195'07).

 

     (h) Senate Bill No.____ or House Bill No.____ (request no.

 

05196'07).

 

     (i) Senate Bill No.____ or House Bill No. 5290(request no.

 

05197'07).

 

     (j) Senate Bill No.____ or House Bill No.____ (request no.

 

05199'07).

 

     (k) Senate Bill No.____ or House Bill No.____ (request no.

 

05200'07).