Section 493.109 – Books, Accounts, and Records; Maintenance, Preservation, and Availability; Audit; Cost.
493.109 Books, accounts, and records; maintenance, preservation, and availability; audit; cost. Sec. 9. (1) A licensee shall maintain records relating to all transactions under this act so that the commissioner may enforce full compliance with this act. Books and accounts kept at the licensee’s principal place of business shall be made available to the commissioner […]
Section 493.110 – Maximum Interest; Computation; Fee; Offer of Loan or Credit in Connection With Other Accounts, Services, or Similar Agreements; Prohibited Conditions.
493.110 Maximum interest; computation; fee; offer of loan or credit in connection with other accounts, services, or similar agreements; prohibited conditions. Sec. 10. (1) On a loan made or credit extended pursuant to a credit card arrangement, a licensee may collect interest not to exceed 1.5% of the unpaid balance per month. The interest shall […]
Section 493.111 – Truth in Lending Act; Disclosures, Information, and Notices; Applicability.
493.111 Truth in lending act; disclosures, information, and notices; applicability. Sec. 11. (1) A licensee shall make or give to the consumer the disclosures, information, and notices required by the truth in lending act for a credit card arrangement that is governed by this act. (2) To the extent that the truth in lending act […]
Section 493.112 – Wilful and Intentional Violation as Misdemeanor; Conduct Barring Recovery and Entitling Consumer to Attorney Fees and Court Costs; Authorized Actions.
493.112 Wilful and intentional violation as misdemeanor; conduct barring recovery and entitling consumer to attorney fees and court costs; authorized actions. Sec. 12. (1) Any licensee who wilfully and intentionally violates this act shall be guilty of a misdemeanor. (2) Any licensee who enters into a credit card arrangement which does not comply with sections […]
Section 493.113 – Rules.
493.113 Rules. Sec. 13. The commissioner may promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.315 of the Michigan Compiled Laws, as necessary for the administration and enforcement of this act. History: 1984, Act 379, Imd. Eff. Dec. 28, 1984 […]
Section 493.114 – Exemptions; Credit Card or Charge Card Issued Prior to Effective Date of Act.
493.114 Exemptions; credit card or charge card issued prior to effective date of act. Sec. 14. (1) A state or national bank, state or federal savings and loan association, state or federal credit union, or a retail seller or other creditor under Act No. 224 of the Public Acts of 1966, being sections 445.851 to […]
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 […]