2010 Michigan Compiled Laws
Chapter 445 - TRADE AND COMMERCE
Act 173 of 1987 - MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (445.1651 - 445.1684)

MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT
Act 173 of 1987
AN ACT to define and regulate mortgage brokers, mortgage lenders, and mortgage servicers; to prescribe the powers and duties of certain public officers and agencies; to provide for the promulgation of rules; and to provide remedies and penalties.

History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 ;-- Am. 2008, Act 66, Imd. Eff. Apr. 3, 2008 ;-- Am. 2009, Act 76, Eff. July 31, 2010

• Section 445.1651 - Short title.
• Section 445.1651a - Definitions.
• Section 445.1652 - Mortgage broker, mortgage lender, or mortgage servicer; license or registration required; exemption; application; compensation or other remuneration; words contained in name or assumed name; "employee" defined.
• Section 445.1652a-445.1652c - Repealed. 2009, Act 76, Eff. July 31, 2010.
• Section 445.1653 - License or renewal; application; form; investigation; determination; issuance; indemnification.
• Section 445.1654 - Proof of financial responsibility.
• Section 445.1655 - Minimum net worth.
• Section 445.1656 - Registration required; applicability of certain provisions; licensing or registration of real estate broker or salesperson; improper use of business name.
• Section 445.1657 - Expiration of registration or license; renewal; application; fee; limitation; financial statement.
• Section 445.1658 - Payment for investigation and annual operating fees; establishment of annual fee schedule; limitation; fees nonrefundable; action for delinquent payment; licensee or registrant report; penalties; establishment and administration of MBLSLA fund; basis for setting operating fee.
• Section 445.1659 - Transfer or assignment of license or registration.
• Section 445.1660 - Surrender, revocation, or suspension of license or registration; loss or destruction; affidavit.
• Section 445.1661 - Powers of commissioner generally.
• Section 445.1662 - Notice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order.
• Section 445.1663 - Complaint; investigation; federal regulatory authority.
• Section 445.1664 - Provisions applicable to investigation.
• Section 445.1665 - Summary suspension of license or registration; order; affidavit; dissolution of summary suspension order; record.
• Section 445.1666 - Cease and desist order; hearing; violation; injunction.
• Section 445.1667 - Remedies cumulative.
• Section 445.1668 - Notice of hearing on complaint; service; informal conference; settlement; compliance; hearing.
• Section 445.1668a - Fraud; prohibition; notice; hearing; order.
• Section 445.1668b - Hearing; final decision; judicial review; effect of review on order.
• Section 445.1668c - Enforcement of order; jurisdiction.
• Section 445.1668d - Violation as misdemeanor; penalty.
• Section 445.1668e - Violation of order; exceptions.
• Section 445.1669 - Continuing to service mortgage loan or making mortgage after suspension or revocation of license or registration; termination of commitment; refund.
• Section 445.1670 - Powers of commissioner in conducting examination or investigation; conduct of person subpoenaed as misdemeanor; conduct of investigation.
• Section 445.1671 - Books, accounts, records, and documents; preservation and examination; reports; false statement as felony; penalty.
• Section 445.1672 - Violations generally.
• Section 445.1672a - Mortgage loans; prohibited advertising.
• Section 445.1672b - Repealed. 2009, Act 76, Eff. July 31, 2010.
• Section 445.1673 - Reasonable and necessary charges; terms and conditions of guarantee.
• Section 445.1674 - Annual statement and ledger history of borrower's account; fee prohibited.
• Section 445.1675 - Applicability of act.
• Section 445.1675a - Exemptions; filing affidavit; failure to meet qualifications.
• Section 445.1676 - Laws to which mortgage loan subject.
• Section 445.1677 - Period within which to file application for license and proof of financial responsibility, to pay fees, or to register.
• Section 445.1678 - Civil or criminal liability.
• Section 445.1679 - Prohibited conduct; misdemeanor; penalty; violation of act or rules; civil fine; suspension or revocation of license or registration; refusal to issue or renew license or registration; restitution; proceedings subject to MCL 24.201 to 24.328; bona fide error.
• Section 445.1680 - Effect of noncompliance on validity or enforceability of mortgage loan.
• Section 445.1681 - Action to obtain declaratory judgment, injunction, or actual damages; limitation.
• Section 445.1682 - Conservatorship.
• Section 445.1683 - Mortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations:
• Section 445.1684 - Claims filed against proof of financial responsibility.