There is a newer version of the Michigan Compiled Laws
2016 Michigan Compiled Laws
Chapter 493 - Regulatory Loans
Act 75 of 2009 MORTGAGE LOAN ORIGINATOR LICENSING ACT (493.131 - 493.171)
AN ACT to provide for the licensing of mortgage loan originators; to regulate the business practices of mortgage loan originators; to establish certain obligations of employees and principals of mortgage loan originators; to prescribe the powers and duties of certain state agencies and officials; and to provide remedies and prescribe penalties.
History: 2009, Act 75, Eff. July 31, 2009
- Section 493.131 Short title.
- Section 493.133 Definitions.
- Section 493.135 Engaging in business of mortgage loan originator; license required; exemptions; independent contractor loan processor or underwriter; establishment of licensing rules and interim procedures.
- 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.