2010 Michigan Compiled Laws
Chapter 493 - REGULATORY LOANS
Act 75 of 2009 - MORTGAGE LOAN ORIGINATOR LICENSING ACT (493.131 - 493.171)
Section 493.145 - Annual renewal; expiration; reinstatement.
MORTGAGE LOAN ORIGINATOR LICENSING ACT (EXCERPT)Act 75 of 2009
493.145 Annual renewal; expiration; reinstatement.
Sec. 15.
(1) The commissioner shall annually renew the license of a licensed mortgage loan originator if all of the following are met before his or her current license expires:
(a) The mortgage loan originator continues to meet the minimum standards for license issuance under section 9.
(b) The mortgage loan originator has satisfied the annual continuing education requirements described in section 17.
(c) The mortgage loan originator has paid the fee required under section 19.
(2) If a mortgage loan originator fails to satisfy the requirements of subsection (1) for renewal of his or her license, the license shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.
History: 2009, Act 75, Eff. July 31, 2009
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