Section 493.72 – Charges and Fees Includable in Principal; Interest Authorized by Law; Sale of Insurance; Hazard Insurance; Charges Permitted by Federal Lending Program.
493.72 Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program. Sec. 22. (1) A licensee or registrant shall not directly or indirectly assess any charges or fees in connection with making a secondary mortgage loan, except for any of the following, which may […]
Section 493.73 – Instrument Evidencing or Securing Secondary Mortgage; Contents.
493.73 Instrument evidencing or securing secondary mortgage; contents. Sec. 23. An instrument evidencing or securing a secondary mortgage loan shall not contain any of the following: (a) A power of attorney to confess judgment. (b) A provision by which the debtor waives rights accruing under this act, any federal law, or law of this state. […]
Section 493.74 – Licensee or Registrant; Prohibited Conduct.
493.74 Licensee or registrant; prohibited conduct. Sec. 24. (1) A licensee or registrant shall not transfer or assign a secondary mortgage loan or a security directly representing an interest in 1 or more secondary mortgage loans before the disbursement of 75% or more of the proceeds of the secondary mortgage loan to, or for the […]
Section 493.75 – Violation of Consumer Credit Protection Act as Violation of Act.
493.75 Violation of consumer credit protection act as violation of act. Sec. 25. A violation of the consumer credit protection act, Public Law 90-321, 82 Stat. 146, as amended by title VI of Public Law 96-221, 94 Stat. 168 or other applicable federal law is a violation of this act. History: 1981, Act 125, Imd. […]
Section 493.76 – Advertising; Prohibited Conduct.
493.76 Advertising; prohibited conduct. Sec. 26. (1) A licensee or registrant shall not, willfully or knowingly, make a false, misleading, or deceptive advertisement regarding secondary mortgage loans or the availability of secondary mortgage loans. (2) A licensee or registrant shall not advertise any size of loan, security required for a loan, rate of charge, or […]
Section 493.76a – Repealed. 2009. Act 77, Eff. July 31, 2010.
493.76a Repealed. 2009. Act 77, Eff. July 31, 2010. Compiler’s Notes: The repealed section pertained to registration or license requirements.
Section 493.77 – Violation of Act; Making Secondary Mortgage Loans Without License as Misdemeanor; Penalty; Civil Fine; Actions.
493.77 Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions. Sec. 27. (1) In addition to the penalties provided by this act, a violation of this act with respect to a particular secondary mortgage loan transaction is also subject to the penalty and remedy provisions of the credit reform […]
Section 493.78 – Rules.
493.78 Rules. Sec. 28. The commissioner shall promulgate rules under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, to administer and enforce this act. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;– Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler’s Notes: For transfer of authority, powers, […]
Section 493.79 – Construction of Act; Applicability.
493.79 Construction of act; applicability. Sec. 29. This act does not apply to a depository financial institution that is subject to other laws of this state, another state, or of the United States regulating the power of the depository financial institution to engage in secondary mortgage loan transactions or upon the conditions and limitations imposed […]
Section 493.79a – Applicability of Act to Nonprofit Corporation.
493.79a Applicability of act to nonprofit corporation. Sec. 29a. (1) This act does not apply to a nonprofit corporation that makes, brokers, or services mortgage loans in connection with a neighborhood housing program assisted under the neighborhood reinvestment corporation act, title VI of Public Law 95-557, 42 U.S.C. 8101 to 8107. (2) This act does […]