October 16, 2007, Introduced by Senators RICHARDVILLE, ANDERSON, SANBORN, KAHN, GLEASON, SCHAUER, BIRKHOLZ, STAMAS, CLARKE, OLSHOVE, BROWN, CASSIS and HUNTER and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1987 PA 173, entitled
"Mortgage brokers, lenders, and servicers licensing act,"
by amending section 33 (MCL 445.1683).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
33. This act shall not take effect unless all of the
following
bills of the 84th Legislature are enacted into law:
(a)
House Bill No. 4702.
(b)
House Bill No. 4703.
(1) The mortgage industry advisory board is created.
(2) All of the following apply to the board:
(a) The board shall consist of 7 individuals, appointed by the
commissioner. The term of a board member is 4 years, except that
for the first board, the commissioner shall appoint 3 individuals
for 2-year terms so that the terms of office of board members are
staggered.
(b) The board shall consist of the following:
(i) Five individuals who are employees of, are directors of, or
have at least a 25% ownership interest in licensees or registrants
that are members of a trade association operating in this state
that represents mortgage brokers, mortgage lenders, or mortgage
servicers. The trade associations may recommend candidates for the
board to the commissioner.
(ii) Two individuals who are employees of, are directors of, or
have at least a 25% ownership interest in business entities that
provide services to or purchase services from licensees or
registrants.
(c) An individual may not serve more than 2 consecutive 4-year
terms, and the commissioner may not reappoint an individual who
serves 2 consecutive 4-year terms on the board for at least 12
months after the end of those consecutive terms.
(d) The board shall not include more than 1 member who is
employed by, is a director of, or has more than a 1% ownership
interest in the same licensee, registrant, affiliate, or other
person.
(3) The board shall review and make recommendations to the
commissioner concerning all of the following:
(a) Course sponsors or providers, course instructors, and the
content of and materials for courses provided to loan officers and
loan officer applicants under section 2a or 2b.
(b) If the commissioner indicates that he or she is
considering contracting with an outside contractor to process loan
officer registration applications on behalf of the commissioner, 1
contractor capable of providing that processing.
(c) Content and procedures for examinations given to loan
officers under section 2a.
(d) Procedures for enforcement of this act.
(e) Rules proposed under this act.
(f) Procedures to verify attendance at and participation in
courses conducted electronically under section 2b(3)(e).
(g) Procedures for maintaining the confidentiality of personal
identifying information and other information concerning licensees,
registrants, and applicants for license or registration.
(h) Any other issue referred to the board by the commissioner.
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.828.
(b) House Bill No. 5288.
(c) Senate Bill No. 829.
(d) House Bill No. 5289.
(e) Senate Bill No. 830.
(f) Senate Bill No. 831.
(g) House Bill No. 5287.
(h) House Bill No. 5290.
(i) House Bill No. 5291.
(j) Senate Bill No. 833.
(k) Senate Bill No. 832.