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2022 Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)
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- Section 445.1652a-445.1652c - Repealed. 2009, Act 76, Eff.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.
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