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 […]