2010 Michigan Compiled Laws
Chapter 493 - REGULATORY LOANS
Act 125 of 1981 - THE SECONDARY MORTGAGE LOAN ACT (493.51 - 493.81)

THE SECONDARY MORTGAGE LOAN ACT
Act 125 of 1981
AN ACT to regulate secondary mortgage loans; to regulate secondary mortgage brokers, lenders, and servicers; to prescribe powers and duties of certain state agencies and officials; to require certain fees; to provide for the establishment of a revolving fund; to provide for the promulgation of rules; and to provide remedies and prescribe penalties.

History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1988, Act 444, Imd. Eff. Dec. 27, 1988 ;-- Am. 1989, Act 66, Imd. Eff. June 16, 1989 ;-- Am. 1995, Act 164, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 ;-- Am. 2008, Act 325, Imd. Eff. Dec. 18, 2008 ;-- Am. 2009, Act 77, Eff. July 31, 2010
Popular Name: Secondary Mortgage Loan Act

• Section 493.51 - Short title; definitions.
• Section 493.52 - Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name.
• Section 493.52a-493.52d - Repealed. 2009, Act 77, Eff. July 31, 2010.
• Section 493.53 - Application for license or registration; form and contents.
• Section 493.53a - Broker, lender, or servicer; registration with commissioner; form.
• Section 493.54 - Fees.
• Section 493.55 - Investigation; issuance or refusal to issue license.
• Section 493.56 - License or registration; filing application or renewal; bond or letter of credit; claims filed against proof of financial responsibility; maintenance of net worth; determination; assets excluded from computation.
• Section 493.56a - Registration or license; expiration; renewal; filing financial statement; exemption; fees; failure to submit reports or fees; disposition of money received; "MBLSLA fund" defined; limitation on fees; annual report; additional reports; false statement as felony.
• Section 493.56b - Powers of commissioner.
• Section 493.57 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
• Section 493.58 - Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record.
• Section 493.59 - Order in addition to other legal actions.
• Section 493.60 - Complaint; forwarding to licensee or registrant; response; investigation or administrative action.
• Section 493.61 - Suspension, revocation, or refusal to issue or renew license or registration; notice; hearing; findings; facts or conditions; surrender of license or registration; preexisting contract not affected; lost or destroyed license or registration certificate.
• Section 493.62 - Contracts or commitments made prior to suspension or revocation.
• Section 493.62a - Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest.
• Section 493.63 - Duration of license or registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfer.
• Section 493.64 - Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement.
• Section 493.64a - Fraud.
• Section 493.64b - Hearing; final decision; judicial review; stay of commissioner's order.
• Section 493.64c - Enforcement of order; jurisdiction.
• Section 493.64d - Violation as misdemeanor; penalty.
• Section 493.64e - Violation of order; exceptions.
• Section 493.65 - Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor.
• Section 493.66 - Failure to testify or comply with subpoena; court order; contempt.
• Section 493.67 - Maintaining records relating to conduct of business; availability; statement of borrower's account; ledger history; obligation of servicer; fee prohibited.
• Section 493.68 - Documents; preservation; other books, accounts, records, and documents.
• Section 493.69 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
• Section 493.70 - Making or offering to make secondary mortgage loan; terms and conditions.
• Section 493.71 - Interest rate; limitation; computation; prepaid finance charge or fee.
• Section 493.72 - Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program.
• Section 493.73 - Instrument evidencing or securing secondary mortgage; contents.
• Section 493.74 - Licensee or registrant; prohibited conduct.
• Section 493.75 - Violation of consumer credit protection act as violation of act.
• Section 493.76 - Advertising; prohibited conduct.
• Section 493.76a - Repealed. 2009. Act 77, Eff. July 31, 2010.
• Section 493.77 - Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions.
• Section 493.78 - Rules.
• Section 493.79 - Construction of act; applicability.
• Section 493.79a - Applicability of act to nonprofit corporation.
• Section 493.80 - Persons permitted to make secondary mortgage loans.
• Section 493.81 - Powers and duties of attorney general.