2010 Michigan Compiled Laws
Chapter 493 - REGULATORY LOANS
Act 75 of 2009 - MORTGAGE LOAN ORIGINATOR LICENSING ACT (493.131 - 493.171)

MORTGAGE LOAN ORIGINATOR LICENSING ACT
Act 75 of 2009
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; 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.