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.
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. Sec. 33. (1) In addition to any authority provided under this act, the commissioner may conduct any of the following investigations […]
Section 493.135b – Out of State License; Temporary Authority; Requirements; Time Period; “State” Defined.
493.135b Out of state license; temporary authority; requirements; time period; “state” defined. Sec. 5b. (1) An individual who is a mortgage loan originator licensed in another state shall have temporary authority to act as a mortgage loan originator in this state for the period described in subsection (2) without first obtaining a license under this […]
Section 493.165 – Licensed Mortgage Loan Originator; Prohibited Conduct.
493.165 Licensed mortgage loan originator; prohibited conduct. Sec. 35. A licensed mortgage loan originator shall not do any of the following: (a) Engage in fraud, deceit, or material misrepresentation in connection with any transaction governed by this act. (b) Intentionally, or due to gross or wanton negligence, repeatedly fail to provide borrowers with any material […]
Section 493.135c – Temporary Authority; Subject to Laws of This State.
493.135c Temporary authority; subject to laws of this state. Sec. 5c. With respect to the temporary authority authorized under sections 5a and 5b, both of the following apply: (a) A person employing an individual who has the temporary authority described under section 5a or 5b to act as a mortgage loan originator in this state […]
Section 493.167 – Reports of Condition.
493.167 Reports of condition. Sec. 37. A licensed mortgage loan originator, or employer or principal of a licensed mortgage loan originator on his or her behalf, shall submit to the nationwide mortgage licensing system and registry reports of condition. The reports of condition shall be in the form and shall contain the information required by […]
Section 493.137 – Application; Form; Fee; Criminal History Check; Relationships or Contracts With Nationwide Mortgage Licensing System and Registry; Furnishing Certain Information; Use.
493.137 Application; form; fee; criminal history check; relationships or contracts with nationwide mortgage licensing system and registry; furnishing certain information; use. Sec. 7. (1) An applicant for a license under this act shall apply in a form as prescribed by the commissioner. The applicant shall include with the application the fee required under section 19 […]
Section 493.169 – Report of Violations; Rules.
493.169 Report of violations; rules. Sec. 39. (1) Subject to section 31, the commissioner shall regularly report violations of this act, and enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry. (2) The commissioner shall comply with the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, […]
Section 493.139 – Issuance of Mortgage Loan Originator License; Findings; Conviction.
493.139 Issuance of mortgage loan originator license; findings; conviction. Sec. 9. (1) The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings: (a) The applicant is not subject to a prohibition order issued by the commissioner under section 27 or under any of the financial […]
Section 493.171 – Unique Identifier of Originator of Residential Mortgage Loan.
493.171 Unique identifier of originator of residential mortgage loan. Sec. 41. The unique identifier of any person originating a residential mortgage loan in this state shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents, as established by rule or order of […]
Section 493.141 – Prelicensing Education Requirements.
493.141 Prelicensing education requirements. Sec. 11. (1) To meet the prelicensing education requirement under section 9(1)(e), except as provided in subsection (6), the applicant shall complete at least 20 hours of education approved under subsection (2), including at least all of the following: (a) Three hours of federal law and regulations. (b) Three hours of […]