445.1668a Fraud; prohibition; notice; hearing; order. Sec. 18a. (1) If in the opinion of the commissioner a person has engaged in fraud, the commissioner may serve upon that person a written notice of intention to prohibit that person from being employed by, an agent of, or control person of a licensee or registrant under this […]
445.1668b Hearing; final decision; judicial review; effect of review on order. Sec. 18b. (1) A hearing under section 16 or 18a shall be conducted under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Within 30 days after the commissioner has notified the parties that the case has been submitted to […]
445.1668c Enforcement of order; jurisdiction. Sec. 18c. The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 15, 16, or 18a. History: Add. 2002, Act 391, Imd. Eff. May 30, 2002
445.1668d Violation as misdemeanor; penalty. Sec. 18d. Any current or former executive officer, director, agent, or control person who violates a final order issued under section 18a is guilty of a misdemeanor punishable by a fine of not more than $5,000.00 or imprisonment for not more than 1 year, or both. History: Add. 2002, Act […]
445.1668e Violation of order; exceptions. Sec. 18e. A control person who is subject to an order issued under section 18a and who meets all of the following requirements is not in violation of the order: (a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or […]
445.1669 Continuing to service mortgage loan or making mortgage after suspension or revocation of license or registration; termination of commitment; refund. Sec. 19. Nothing in this act shall preclude a person whose license or registration has been suspended or revoked, summarily or otherwise, from continuing to service mortgage loans pursuant to servicing contracts in existence […]
445.1670 Powers of commissioner in conducting examination or investigation; conduct of person subpoenaed as misdemeanor; conduct of investigation. Sec. 20. (1) In the conduct of any examination or investigation under this act, the commissioner may do any of the following: (a) Compel the attendance of a person by subpoena. (b) Administer oaths. (c) Interrogate a […]
445.1671 Books, accounts, records, and documents; preservation and examination; reports; false statement as felony; penalty. Sec. 21. (1) A licensee or registrant shall maintain books, accounts, records, and documents of the business, as prescribed by the commissioner, conducted under the license or registration to enable the commissioner to determine whether the business of the licensee […]
445.1672 Violations generally. Sec. 22. It is a violation of this act for a licensee or registrant to do any of the following: (a) Fail to conduct the business in accordance with law, this act, or a rule promulgated or order issued under this act. (b) Engage in fraud, deceit, or material misrepresentation in connection […]
445.1672a Mortgage loans; prohibited advertising. Sec. 22a. (1) A licensee or registrant shall not, directly or indirectly, make a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans. (2) A licensee or registrant shall not advertise any size of loan, security required for a loan, rate of charge, or other […]
445.1672b Repealed. 2009, Act 76, Eff. July 31, 2010. Compiler’s Notes: The repealed section pertained to prohibited conduct of loan officer registrant.
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 […]
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 […]
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, […]
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) […]
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 […]
445.1677 Period within which to file application for license and proof of financial responsibility, to pay fees, or to register. Sec. 27. Any mortgage broker, mortgage lender, or mortgage servicer engaged in activities covered by this act on the effective date of this act shall have 90 days after the effective date of this act […]
445.1678 Civil or criminal liability. Sec. 28. This act does not relieve a person from civil or criminal liability under other laws of this state or any federal law. 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 […]
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. Sec. 29. (1) An owner, partner, member, officer, director, trustee, employee, agent, broker, or other person, or […]
445.1680 Effect of noncompliance on validity or enforceability of mortgage loan. Sec. 30. Failure to comply with the provisions of this act shall not affect the validity or enforceability of any mortgage loan, unless the mortgage loan is invalid or unenforceable under the provisions of any other laws of this state or under any federal […]
