There is a newer version of the Michigan Compiled Laws
2011 Michigan Compiled Laws
Chapter 493 — REGULATORY LOANS
Act 75 of 2009 — MORTGAGE LOAN ORIGINATOR LICENSING ACT (493.131 - 493.171)
- Section 493.131 — Short title.
- Section 493.133 — Definitions.
- Section 493.135 — Engaging in business of mortgage loan originator; license required; exemptions; independent contractor; establishment of licensing rules and interim procedures; date required for obtaining license under act.
- Section 493.137 — Application; form; fee; criminal history check; relationships or contracts with nationwide mortgage licensing system and registry; furnishing certain information; use.
- Section 493.139 — Issuance of mortgage loan originator license; findings; conviction.
- Section 493.141 — Prelicensing education requirements.
- Section 493.143 — Qualified written test.
- Section 493.145 — Annual renewal; expiration; reinstatement.
- Section 493.147 — Continuing education requirements.
- Section 493.149 — Fees; reports; penalties; deposit of money in MBLSLA fund; limitation on fee levels.
- Section 493.151 — Mortgage loan originators; license and registration through nationwide mortgage licensing system and registry; rules.
- Section 493.153 — Process for challenging information entered.
- Section 493.155 — Powers of commissioner; finding of violation or noncompliance; fine.
- Section 493.157 — Fraud; notice of intent to prohibit licensure; contents; hearing; order; service; application to terminate order; imminent threat of financial loss to customers; conviction of felony; mailing of notice or issued to employer or principal; decision; judicial review; enforcement; violation of final order; "fraud" defined.
- Section 493.159 — Surety bond.
- Section 493.161 — Privacy or confidentiality of information or material.
- Section 493.163 — Investigations and examinations; access to books and records; reports; control of access to documents or records; duties and authority of commissioner; prohibited conduct by licensed mortgage loan originator or person subject to investigation.
- Section 493.165 — Licensed mortgage loan originator; prohibited conduct.
- Section 493.167 — Reports of condition.
- Section 493.169 — Report of violations; rules.
- Section 493.171 — Unique identifier of originator of residential mortgage loan.
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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