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2020 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 493.135a Registered Mortgage Loan Originator; Temporary Authority; Requirements; Time Period; "State" Defined.
- Section 493.135b Out of State License; Temporary Authority; Requirements; Time Period; "State" Defined.
- Section 493.135c Temporary Authority; Subject to Laws of This State.
- 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.
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