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 […]
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 […]