Section 493.59 – Order in Addition to Other Legal Actions.
493.59 Order in addition to other legal actions. Sec. 9. A summary suspension order, cease and desist order, or injunctive relief issued or granted in relation to a license or registration shall be in addition to an informal conference, criminal prosecution, or proceeding to deny, revoke, or suspend a license or registration, or any other […]
Section 493.69 – Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
493.69 Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. Compiler’s Notes: The repealed section pertained to rules prescribing minimum information required to be shown in books, accounts, and records.Popular Name: Secondary Mortgage Loan Act
Section 493.60 – Complaint; Forwarding to Licensee or Registrant; Response; Investigation or Administrative Action.
493.60 Complaint; forwarding to licensee or registrant; response; investigation or administrative action. Sec. 10. (1) Any person may file a complaint with the commissioner alleging that a licensee or registrant has violated this act or a rule promulgated or an order issued under this act. (2) The commissioner may forward the complaint to the licensee […]
Section 493.70 – Making or Offering to Make Secondary Mortgage Loan; Terms and Conditions.
493.70 Making or offering to make secondary mortgage loan; terms and conditions. Sec. 20. A licensee or registrant shall not make or offer to make a secondary mortgage loan except on the terms and conditions authorized by this act and the rules promulgated under this act. History: 1981, Act 125, Imd. Eff. July 23, 1981 […]
Section 493.61 – Suspension, Revocation, or Refusal to Issue or Renew License or Registration; Notice; Hearing; Findings; Facts or Conditions; Surrender of License or Registration; Preexisting Contract Not Affected; Lost or Destroyed License or Registration Certificate.
493.61 Suspension, revocation, or refusal to issue or renew license or registration; notice; hearing; findings; facts or conditions; surrender of license or registration; preexisting contract not affected; lost or destroyed license or registration certificate. Sec. 11. (1) The commissioner shall give notice to a licensee, registrant, or applicant of the commissioner’s intention to enter an […]
Section 493.71 – Interest Rate; Limitation; Computation; Prepaid Finance Charge or Fee.
493.71 Interest rate; limitation; computation; prepaid finance charge or fee. Sec. 21. (1) A licensee or registrant may charge, contract for, receive, or collect on a secondary mortgage loan an interest rate not exceeding the interest rate permitted by the credit reform act, 1995 PA 162, MCL 445.1851 to 445.1864. Interest on a secondary mortgage […]
Section 493.62 – Contracts or Commitments Made Prior to Suspension or Revocation.
493.62 Contracts or commitments made prior to suspension or revocation. Sec. 12. (1) This act does not prevent a person whose license or registration has been suspended or revoked from continuing to service secondary mortgage loans under servicing contracts in existence at the time of the suspension for a period not to exceed 6 months […]
Section 493.62a – Conservator; Appointment; Reimbursement of Expenses; Powers; Termination; Disposition of Compensation and Expenses; Disbursement of Funds and Interest.
493.62a Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest. Sec. 12a. (1) Notwithstanding section 12, if the commissioner determines that a licensee or registrant is, intentionally or as a result of gross or wanton negligence, not servicing secondary mortgage loans as required by this act or […]
Section 493.63 – Duration of License or Registration; Reinstatement of Suspended License or Registration; Issuing New License or Registration; Consent Required for Transfer or Assignment; Requirements for Transfer.
493.63 Duration of license or registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfer. Sec. 13. (1) A license or registration remains in force until the date of expiration or until surrendered, revoked, or suspended under this act. The commissioner may reinstate a […]
Section 493.64 – Order to Cease and Desist; Issuance; Conditions; Notice; Hearing; Failure to Appear as Consent; Service or Order; Effective Date and Enforcement.
493.64 Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement. Sec. 14. (1) If in the opinion of the commissioner a licensee or registrant is, has, or is about to engage in a practice that poses a threat of financial loss or threat […]