Section 493.79 – Construction of Act; Applicability.
493.79 Construction of act; applicability. Sec. 29. This act does not apply to a depository financial institution that is subject to other laws of this state, another state, or of the United States regulating the power of the depository financial institution to engage in secondary mortgage loan transactions or upon the conditions and limitations imposed […]
Section 493.79a – Applicability of Act to Nonprofit Corporation.
493.79a Applicability of act to nonprofit corporation. Sec. 29a. (1) This act does not apply to a nonprofit corporation that makes, brokers, or services mortgage loans in connection with a neighborhood housing program assisted under the neighborhood reinvestment corporation act, title VI of Public Law 95-557, 42 U.S.C. 8101 to 8107. (2) This act does […]
Section 493.62 – Contracts or Commitments Made Prior to Suspension or Revocation.
493.62 Contracts or commitments made prior to suspension or revocation. Sec. 12. (1) This act does not prevent a person whose license or registration has been suspended or revoked from continuing to service secondary mortgage loans under servicing contracts in existence at the time of the suspension for a period not to exceed 6 months […]
Section 493.62a – Conservator; Appointment; Reimbursement of Expenses; Powers; Termination; Disposition of Compensation and Expenses; Disbursement of Funds and Interest.
493.62a Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest. Sec. 12a. (1) Notwithstanding section 12, if the commissioner determines that a licensee or registrant is, intentionally or as a result of gross or wanton negligence, not servicing secondary mortgage loans as required by this act or […]
Section 493.63 – Duration of License or Registration; Reinstatement of Suspended License or Registration; Issuing New License or Registration; Consent Required for Transfer or Assignment; Requirements for Transfer.
493.63 Duration of license or registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfer. Sec. 13. (1) A license or registration remains in force until the date of expiration or until surrendered, revoked, or suspended under this act. The commissioner may reinstate a […]
Section 493.64 – Order to Cease and Desist; Issuance; Conditions; Notice; Hearing; Failure to Appear as Consent; Service or Order; Effective Date and Enforcement.
493.64 Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement. Sec. 14. (1) If in the opinion of the commissioner a licensee or registrant is, has, or is about to engage in a practice that poses a threat of financial loss or threat […]
Section 493.64a – Fraud.
493.64a Fraud. Sec. 14a. (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 act or a licensee […]
Section 493.64b – Hearing; Final Decision; Judicial Review; Stay of Commissioner’s Order.
493.64b Hearing; final decision; judicial review; stay of commissioner’s order. Sec. 14b. (1) A hearing under section 14 or 14a 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 him […]
Section 493.64c – Enforcement of Order; Jurisdiction.
493.64c Enforcement of order; jurisdiction. Sec. 14c. The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 8, 14, or 14a. History: Add. 2002, Act 392, Imd. Eff. May 30, 2002 Popular Name: Secondary Mortgage Loan Act
Section 493.64d – Violation as Misdemeanor; Penalty.
493.64d Violation as misdemeanor; penalty. Sec. 14d. Any current or former executive officer, director, agent, or control person who violates a final order issued under section 14a 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 […]