PocketLaw | Michigan Compiled Laws | 125 of 1981 - The Secondary

125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)

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Short Title; Definitions.

Broker, Lender, or Servicer; License or Registration Required; Exemption; Use of Name or Assumed Name.

Section
493.52a-493.52d

Repealed. 2009, Act 77, Eff. July 31, 2010.

Application for License or Registration; Form and Contents.

Section
493.53a

Broker, Lender, or Servicer; Registration With Commissioner; Form.

Fees.

Investigation; Issuance or Refusal to Issue License.

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.

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.

Section
493.56b

Powers of Commissioner.

Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.

Summary Suspension of License or Registration; Order; Affidavit; Service; Filing Request for Hearing; Duration of License Suspension; Record.

Order in Addition to Other Legal Actions.

Complaint; Forwarding to Licensee or Registrant; Response; Investigation or Administrative Action.

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.

Contracts or Commitments Made Prior to Suspension or Revocation.

Section
493.62a

Conservator; Appointment; Reimbursement of Expenses; Powers; Termination; Disposition of Compensation and Expenses; Disbursement of Funds and Interest.

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.

Order to Cease and Desist; Issuance; Conditions; Notice; Hearing; Failure to Appear as Consent; Service or Order; Effective Date and Enforcement.

Section
493.64a

Fraud.

Section
493.64b

Hearing; Final Decision; Judicial Review; Stay of Commissioner's Order.

Section
493.64c

Enforcement of Order; Jurisdiction.

Section
493.64d

Violation as Misdemeanor; Penalty.

Section
493.64e

Violation of Order; Exceptions.

Subpoena of Witnesses and Evidence; Oaths and Affirmations; Certain Conduct as Misdemeanor.

Failure to Testify or Comply With Subpoena; Court Order; Contempt.

Maintaining Records Relating to Conduct of Business; Availability; Statement of Borrower's Account; Ledger History; Obligation of Servicer; Fee Prohibited.

Documents; Preservation; Other Books, Accounts, Records, and Documents.

Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.

Making or Offering to Make Secondary Mortgage Loan; Terms and Conditions.

Interest Rate; Limitation; Computation; Prepaid Finance Charge or Fee.

Charges and Fees Includable in Principal; Interest Authorized by Law; Sale of Insurance; Hazard Insurance; Charges Permitted by Federal Lending Program.

Instrument Evidencing or Securing Secondary Mortgage; Contents.

Licensee or Registrant; Prohibited Conduct.

Violation of Consumer Credit Protection Act as Violation of Act.

Advertising; Prohibited Conduct.

Section
493.76a

Repealed. 2009. Act 77, Eff. July 31, 2010.

Violation of Act; Making Secondary Mortgage Loans Without License as Misdemeanor; Penalty; Civil Fine; Actions.

Rules.

Construction of Act; Applicability.

Section
493.79a

Applicability of Act to Nonprofit Corporation.

Persons Permitted to Make Secondary Mortgage Loans.

Powers and Duties of Attorney General.