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).