Section 493.131 – Short Title.
493.131 Short title. Sec. 1. This act shall be known and may be cited as the “mortgage loan originator licensing act”. History: 2009, Act 75, Eff. July 31, 2009
Section 493.133 – Definitions.
493.133 Definitions. Sec. 3. As used in this act: (a) “Commissioner” means the director. (b) “Department” means the department of insurance and financial services. (c) “Depository institution” means that term as defined in section 3 of the federal deposit insurance act, 12 USC 1813, or a credit union. (d) “Director” means the director of the […]
Section 493.135 – Engaging in Business of Mortgage Loan Originator; License Required; Exemptions; Independent Contractor Loan Processor or Underwriter; Establishment of Licensing Rules and Interim Procedures.
493.135 Engaging in business of mortgage loan originator; license required; exemptions; independent contractor loan processor or underwriter; establishment of licensing rules and interim procedures. Sec. 5. (1) Unless specifically exempted under subsection (2), beginning July 31, 2010, and except as provided in sections 5a and 5b, an individual shall not engage in the business of […]
Section 493.135a – Registered Mortgage Loan Originator; Temporary Authority; Requirements; Time Period; “State” Defined.
493.135a Registered mortgage loan originator; temporary authority; requirements; time period; “state” defined. Sec. 5a. (1) An individual who is a registered mortgage loan originator, upon becoming employed by an entity that is not an entity described in section 3(v)(i)(A), (B), or (C), shall have temporary authority to act as a mortgage loan originator for the […]
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 493.135c – 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 493.137 – 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 493.139 – 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 493.141 – 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 […]
Section 493.143 – Qualified Written Test.
493.143 Qualified written test. Sec. 13. (1) To meet the written test requirement under section 9(1)(f), except as provided in subsection (5), an individual shall pass a qualified written test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based […]
Section 493.145 – Annual Renewal; Expiration; Reinstatement.
493.145 Annual renewal; expiration; reinstatement. Sec. 15. (1) The commissioner shall annually renew the license of a licensed mortgage loan originator if all of the following are met before his or her current license expires: (a) The mortgage loan originator continues to meet the requirements for license issuance under section 9(1)(a) to (g). (b) The […]
Section 493.147 – Continuing Education Requirements.
493.147 Continuing education requirements. Sec. 17. (1) To meet the annual continuing education requirements described in section 15(1)(b), a licensed mortgage loan originator shall complete at least 8 hours of education approved under subsection (2), including at least all of the following: (a) Three hours of federal law and regulations. (b) Two hours of ethics, […]
Section 493.149 – Fees; Reports; Penalties; Deposit of Money in Mblsla Fund; Limitation on Fee Levels.
493.149 Fees; reports; penalties; deposit of money in MBLSLA fund; limitation on fee levels. Sec. 19. (1) At the time of making an initial application for a mortgage loan originator license under this act, the applicant shall pay to the commissioner the annual operating fee established by the commissioner under subsection (2). (2) The commissioner […]
Section 493.151 – Mortgage Loan Originators; License and Registration Through Nationwide Mortgage Licensing System and Registry; Rules.
493.151 Mortgage loan originators; license and registration through nationwide mortgage licensing system and registry; rules. Sec. 21. In addition to any other duties imposed on the commissioner under this act, the commissioner shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. To carry out this requirement, […]
Section 493.153 – Process for Challenging Information Entered.
493.153 Process for challenging information entered. Sec. 23. The commissioner shall establish a process through which mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by the commissioner. History: 2009, Act 75, Eff. July 31, 2009
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 […]