Section 445.1684 – Claims Filed Against Proof of Financial Responsibility.
445.1684 Claims filed against proof of financial responsibility. Sec. 34. (1) The commissioner shall prioritize and pay claims against a proof of financial responsibility filed with the commissioner under section 4 in a manner that, in his or her discretion, best protects the public interest. (2) Claims may only be filed against a licensee’s proof […]
Section 445.1681 – Action to Obtain Declaratory Judgment, Injunction, or Actual Damages; Limitation.
445.1681 Action to obtain declaratory judgment, injunction, or actual damages; limitation. Sec. 31. (1) Whether or not a person seeks damages or has an adequate remedy at law, any person, prosecutor, or the attorney general may bring an action, including a class action, to do any of the following: (a) Obtain a declaratory judgment that […]
Section 445.1682 – Conservatorship.
445.1682 Conservatorship. Sec. 32. (1) Notwithstanding the provisions of section 19, if the commissioner determines that a licensee or registrant is, intentionally or as a result of gross or wanton negligence, not servicing mortgage loans in accordance with the terms of this act or the terms of the servicing contracts, the commissioner may appoint a […]
Section 445.1683 – Mortgage Industry Advisory Board; Creation; Requirements; Communication of Issues to Commissioner; Recommendations.
445.1683 Mortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations. Sec. 33. (1) The mortgage industry advisory board is created. (2) All of the following apply to the board: (a) The board shall consist of 7 individuals, appointed by the commissioner as follows: (i) Four individuals who are employees of, are directors […]
Section 445.1672b – Repealed. 2009, Act 76, Eff. July 31, 2010.
445.1672b Repealed. 2009, Act 76, Eff. July 31, 2010. Compiler’s Notes: The repealed section pertained to prohibited conduct of loan officer registrant.
Section 445.1673 – Reasonable and Necessary Charges; Terms and Conditions of Guarantee.
445.1673 Reasonable and necessary charges; terms and conditions of guarantee. Sec. 23. (1) A licensee or registrant may require a borrower to pay reasonable and necessary charges which are the actual expenses incurred by the licensee or registrant in connection with the making, closing, disbursing, extending, readjusting, or renewing of a mortgage loan and a […]
Section 445.1674 – Annual Statement and Ledger History of Borrower’s Account; Fee Prohibited.
445.1674 Annual statement and ledger history of borrower’s account; fee prohibited. Sec. 24. (1) A mortgage servicer shall deliver to the borrower annually a statement of the borrower’s account showing the unpaid principal balance of the mortgage loan at the end of the immediately preceding 12-month period, the interest paid during such period, and the […]
Section 445.1675 – Applicability of Act.
445.1675 Applicability of act. Sec. 25. This act does not apply to any of the following: (a) A depository financial institution whether or not the depository financial institution is acting in a capacity of a trustee or fiduciary. (b) A salesperson acting as an agent for a residential builder or residential maintenance and alteration contractor, […]
Section 445.1675a – Exemptions; Filing Affidavit; Failure to Meet Qualifications.
445.1675a Exemptions; filing affidavit; failure to meet qualifications. Sec. 25a. (1) Except for the requirements of section 23, the commissioner may exempt from the requirements of this act a person the commissioner believes merits the confidence of the community and demonstrates all of the following: (a) Is exempt from federal income taxes under section 501(c) […]
Section 445.1676 – Laws to Which Mortgage Loan Subject.
445.1676 Laws to which mortgage loan subject. Sec. 26. Notwithstanding the place of execution, nominal or real, of a mortgage loan, if the real property is located in this state, the mortgage loan is subject to this act and all other applicable laws of this state. History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 […]