445.1651 Short title. Sec. 1. This act shall be known and may be cited as the “mortgage brokers, lenders, and servicers licensing act”. History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 Compiler’s Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions […]
445.1651a Definitions. Sec. 1a. As used in this act: (a) “Affiliate” means a person or group of persons that directly or indirectly through 1 or more intermediaries controls, is controlled by, or is under common control with another person and engaged in a business or transaction regulated by this act. (b) “Board” means the mortgage […]
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. Sec. 2. (1) A person shall not act as a mortgage broker, mortgage lender, or mortgage servicer without first obtaining a license under this act or registering under […]
445.1652a-445.1652c Repealed. 2009, Act 76, Eff. July 31, 2010. Compiler’s Notes: The repealed sections pertained to services performed by employee or agent of licensee or registrant; procedures for loan officer registration renewal; and, written notice provided to commissioner by loan officer registrant.
445.1653 License or renewal; application; form; investigation; determination; issuance; indemnification. Sec. 3. (1) An application for, or renewal of, a license shall be made in writing to the commissioner on a form prescribed by the commissioner. If the commissioner determines after investigation that the experience, character, business reputation, and general fitness of the applicant and […]
445.1654 Proof of financial responsibility. Sec. 4. (1) Except as otherwise provided in this section, at the time of filing an application for a license or renewal of a license, the applicant shall do all of the following: (a) Provide proof of financial responsibility in the following amounts: (i) $25,000.00 for an applicant who acts […]
445.1655 Minimum net worth. Sec. 5. A licensee who acts as a mortgage broker and who receives funds from a prospective borrower before the closing of the mortgage loan shall maintain a net worth of not less than $25,000.00. A licensee who acts as a mortgage lender shall maintain a net worth of not less […]
445.1656 Registration required; applicability of certain provisions; licensing or registration of real estate broker or salesperson; improper use of business name. Sec. 6. (1) The following shall register with the commissioner on a form prescribed by the commissioner: (a) A mortgage broker, mortgage lender, or mortgage servicer approved as a seller or servicer by the […]
445.1657 Expiration of registration or license; renewal; application; fee; limitation; financial statement. Sec. 7. (1) A registration or license, unless it is renewed, shall expire December 31 of each year. A registration or license may be renewed by filing a registration or an application for license renewal and paying the annual operating fee for the […]
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. Sec. 8. (1) At the time of making an initial application for a license under this act, and at […]
445.1659 Transfer or assignment of license or registration. Sec. 9. A license shall not be transferred or assigned without the consent of the commissioner. The sale, transfer, assignment, or conveyance of more than 25% of the outstanding voting stock of a licensee which is a corporation, or more than 25% of the interest in a […]
445.1660 Surrender, revocation, or suspension of license or registration; loss or destruction; affidavit. Sec. 10. (1) A licensee or registrant may surrender a license or registration by delivering to the commissioner the license or registration with written notice that the licensee or registrant surrenders the license or registration. The surrender, revocation, or suspension of a […]
445.1661 Powers of commissioner generally. Sec. 11. (1) The commissioner shall exercise general supervision and control over mortgage brokers, mortgage lenders, and mortgage servicers doing business in this state. (2) In addition to the other powers granted to the commissioner by this act, the commissioner shall have all of the following powers: (a) To promulgate […]
445.1662 Notice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order. Sec. 12. (1) The commissioner shall give notice to a licensee or registrant of intention to enter an order suspending or revoking that person’s license or registration, or notice to an applicant of […]
445.1663 Complaint; investigation; federal regulatory authority. Sec. 13. (1) The attorney general, the commissioner, or any other person may file a complaint with the commissioner alleging that a person has violated this act or a rule promulgated or an order issued under this act. If the complaint is made by the commissioner, he or she […]
445.1664 Provisions applicable to investigation. Sec. 14. All of the following shall apply to an investigation conducted under section 13: (a) The employees or agents of the office of financial and insurance regulation shall complete the investigation within a reasonable period of time. (b) If the investigation does not disclose evidence of a violation of […]
445.1665 Summary suspension of license or registration; order; affidavit; dissolution of summary suspension order; record. Sec. 15. (1) After an investigation has been conducted pursuant to section 13, the commissioner may issue an order summarily suspending a license or registration pursuant to section 92 of the administrative procedures act of 1969, Act No. 306 of […]
445.1666 Cease and desist order; hearing; violation; injunction. Sec. 16. (1) After an investigation has been conducted pursuant to section 13, and prior to holding the hearing under section 18, the commissioner may order a person to cease and desist from a violation of this act or a rule promulgated or an order issued under […]
445.1667 Remedies cumulative. Sec. 17. A summary suspension order, cease and desist order, or injunctive relief issued or granted in relation to a license shall be in addition to and not in place of an informal conference, criminal prosecution, or proceeding to deny, revoke, or suspend a license or registration, or any other legal action. […]
445.1668 Notice of hearing on complaint; service; informal conference; settlement; compliance; hearing. Sec. 18. (1) After an investigation has been conducted and a formal complaint has been prepared pursuant to section 14(c), the commissioner shall serve upon the person against whom the complaint was filed, and the person who filed the complaint, a notice of […]
