Section 493.52 – Broker, Lender, or Servicer; License or Registration Required; Exemption; Use of Name or Assumed Name.
493.52 Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name. Sec. 2. (1) A person shall not act as a broker, lender, or servicer without first obtaining a license under this act or registering under section 3a, unless 1 or more of the following apply: (a) The person is […]
Section 493.52a-493.52d – Repealed. 2009, Act 77, Eff. July 31, 2010.
493.52a-493.52d Repealed. 2009, Act 77, Eff. July 31, 2010. Compiler’s Notes: The repealed sections pertained to performance of sevices as secondary mortgage loan officer; information available to public; remuneration; registration; conditions requiring notice.
Section 493.53 – Application for License or Registration; Form and Contents.
493.53 Application for license or registration; form and contents. Sec. 3. (1) An application for a license or registration under this act shall be in writing, under oath, and in the form prescribed by the commissioner. (2) The application shall state the name, residence, and business addresses of the applicant, each member if the applicant […]
Section 493.53a – Broker, Lender, or Servicer; Registration With Commissioner; Form.
493.53a Broker, lender, or servicer; registration with commissioner; form. Sec. 3a. The following persons shall register with the commissioner on a form prescribed by the commissioner: (a) A broker, lender, or servicer approved as a seller or servicer by the federal national mortgage association or the federal home loan mortgage corporation. (b) A broker, lender, […]
Section 493.54 – Fees.
493.54 Fees. Sec. 4. (1) At the time of making an application for a license, the applicant shall pay to the commissioner a fee for investigating the applicant as provided by section 6a. (2) At the time of making an application for license or registration and annually thereafter, the applicant shall pay an annual operating […]
Section 493.55 – Investigation; Issuance or Refusal to Issue License.
493.55 Investigation; issuance or refusal to issue license. Sec. 5. (1) Upon the filing of an application for a license and the payment of the required fees and the filing of proof of financial responsibility as the commissioner requires, the commissioner shall investigate the facts. If the commissioner finds that the financial responsibility, experience, character, […]
Section 493.56 – License or Registration; Filing Application or Renewal; Bond or Letter of Credit; Claims Filed Against Proof of Financial Responsibility; Maintenance of Net Worth; Determination; Assets Excluded From Computation.
493.56 License or registration; filing application or renewal; bond or letter of credit; claims filed against proof of financial responsibility; maintenance of net worth; determination; assets excluded from computation. Sec. 6. (1) Except as otherwise provided in this section, at the time of filing an application for a license or registration or renewal of a […]
Section 493.56a – Registration or License; Expiration; Renewal; Filing Financial Statement; Exemption; Fees; Failure to Submit Reports or Fees; Disposition of Money Received; “Mblsla Fund” Defined; Limitation on Fees; Annual Report; Additional Reports; False Statement as Felony.
493.56a Registration or license; expiration; renewal; filing financial statement; exemption; fees; failure to submit reports or fees; disposition of money received; “MBLSLA fund” defined; limitation on fees; annual report; additional reports; false statement as felony. Sec. 6a. (1) A registration or license, unless it is renewed, expires on December 31 of each year. A person […]
Section 493.56b – Powers of Commissioner.
493.56b Powers of commissioner. Sec. 6b. (1) The commissioner shall exercise general supervision and control over brokers, lenders, and servicers doing business in this state. (2) In addition to the other powers granted by this act, the commissioner may do any of the following: (a) Deny an application for a license or registration. (b) Conduct […]
Section 493.57 – Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
493.57 Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. Compiler’s Notes: The repealed section pertained to duties of commissioner upon refusal to issue license.Popular Name: Secondary Mortgage Loan Act