Section 493.155 – Powers of Commissioner; Finding of Violation or Noncompliance; Fine.
493.155 Powers of commissioner; finding of violation or noncompliance; fine. Sec. 25. (1) To ensure the effective supervision and enforcement of this act, the commissioner may do any of the following, in a manner consistent with the requirements of the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328: (a) Deny, suspend, […]
Section 493.157 – Fraud; Notice of Intent to Prohibit Licensure; Contents; Hearing; Order; Service; Application to Terminate Order; Imminent Threat of Financial Loss to Customers; Conviction of Felony; Mailing of Notice or Issued to Employer or Principal; Decision; Judicial Review; Enforcement; Violation of Final Order; “Fraud” Defined.
493.157 Fraud; notice of intent to prohibit licensure; contents; hearing; order; service; application to terminate order; imminent threat of financial loss to customers; conviction of felony; mailing of notice or issued to employer or principal; decision; judicial review; enforcement; violation of final order; “fraud” defined. Sec. 27. (1) If in the opinion of the commissioner […]
Section 493.159 – Surety Bond.
493.159 Surety bond. Sec. 29. (1) Subject to subsection (2), each mortgage loan originator must provide to the commissioner or be covered by a surety bond that meets the requirements of subsection (5). A surety bond provided under this subsection shall provide coverage for the mortgage loan originator in 1 of the following amounts: (a) […]
Section 493.161 – Privacy or Confidentiality of Information or Material.
493.161 Privacy or confidentiality of information or material. Sec. 31. (1) Except as otherwise provided in section 1512 of the SAFE act, 12 USC 1511, the requirements of the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246, or any federal law concerning the privacy or confidentiality of any information or material provided […]
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 […]