Act No. 70
Public Acts of 2008
Approved by the Governor
April 2, 2008
Filed with the Secretary of State
April 3, 2008
EFFECTIVE DATE: April 3, 2008
STATE OF MICHIGAN
94TH LEGISLATURE
REGULAR SESSION OF 2008
Introduced by Senators Cassis, Richardville, Anderson, Sanborn, Kahn, Gleason, Schauer, Birkholz, Stamas, Clarke, Olshove, Brown and Hunter
ENROLLED SENATE BILL No. 832
AN ACT to amend 1987 PA 173, entitled "An act to define and regulate mortgage brokers, mortgage lenders, and mortgage servicers; to prescribe the powers and duties of the financial institutions bureau and certain public officers and agencies; to provide for the promulgation of rules; and to provide remedies and penalties," by amending section 22a (MCL 445.1672a), as added by 1996 PA 210, and by adding section 22b.
The People of the State of Michigan enact:
Sec. 22a. (1) A licensee or registrant shall not, directly or indirectly, make a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans.
(2) A licensee or registrant shall not advertise any size of loan, security required for a loan, rate of charge, or other condition of lending except with the full intent of making loans at those rates, or lower rates, and under those conditions, to mortgage loan applicants who meet the standards or qualifications prescribed by the licensee or registrant.
Sec. 22b. A loan officer registrant shall not do any of the following:
(a) Engage in fraud, deceit, or material misrepresentation in connection with any transaction governed by this act.
(b) Intentionally, or due to gross or wanton negligence, repeatedly fail to provide borrowers with any material disclosures of information required by law.
(c) Directly or indirectly make a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans.
(d) Suppress or withhold from the commissioner any information that the loan officer possesses and that, if submitted, would have made the loan officer ineligible for registration or renewal of his or her loan officer registration under this act at the time of application and would have allowed the commissioner to refuse to register the loan officer.
(e) Be convicted of, or plead no contest to, any of the following:
(i) A misdemeanor involving embezzlement, forgery, fraud, a financial transaction, or securities.
(ii) A felony.
(f) Refuse or fail to furnish any information or make any report required by the commissioner to issue or renew a loan officer registration, or otherwise required by the commissioner, within a reasonable period of time, as determined by the commissioner, after requested 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. 826.
(b) Senate Bill No. 827.
(c) Senate Bill No. 828.
(d) Senate Bill No. 829.
(e) Senate Bill No. 830.
(f) Senate Bill No. 831.
(g) Senate Bill No. 833.
(h) House Bill No. 5287.
(i) House Bill No. 5288.
(j) House Bill No. 5289.
(k) House Bill No. 5290.
(l) House Bill No. 5291.
This act is ordered to take immediate effect.
Secretary of the Senate
Clerk of the House of Representatives
Approved
Governor