173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)

  1. Law
  2. Michigan Compiled Laws
  3. Trade and Commerce
  4. 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)

Checkout our iOS App for a better way to browser and research.

Section
445.1651

Short Title.

Section
445.1651a

Definitions.

Section
445.1652

Mortgage Broker, Mortgage Lender, or Mortgage Servicer; License or Registration Required; Exemption; Application; Compensation or Other Remuneration; Words Contained in Name or Assumed Name; "Employee" Defined.

Section
445.1652a-445.1652c

Repealed. 2009, Act 76, Eff. July 31, 2010.

Section
445.1653

License or Renewal; Application; Form; Investigation; Determination; Issuance; Indemnification.

Section
445.1654

Proof of Financial Responsibility.

Section
445.1655

Minimum Net Worth.

Section
445.1656

Registration Required; Applicability of Certain Provisions; Licensing or Registration of Real Estate Broker or Salesperson; Improper Use of Business Name.

Section
445.1657

Expiration of Registration or License; Renewal; Application; Fee; Limitation; Financial Statement.

Section
445.1658

Payment for Investigation and Annual Operating Fees; Establishment of Annual Fee Schedule; Limitation; Fees Nonrefundable; Action for Delinquent Payment; Licensee or Registrant Report; Penalties; Establishment and Administration of Mblsla Fund; Basis for Setting Operating Fee.

Section
445.1659

Transfer or Assignment of License or Registration.

Section
445.1660

Surrender, Revocation, or Suspension of License or Registration; Loss or Destruction; Affidavit.

Section
445.1661

Powers of Commissioner Generally.

Section
445.1662

Notice of Intention to Enter Order of License or Registration, Suspension or Revocation, or Refusal to Issue License; Hearing; Final Order.

Section
445.1663

Complaint; Investigation; Federal Regulatory Authority.

Section
445.1664

Provisions Applicable to Investigation.

Section
445.1665

Summary Suspension of License or Registration; Order; Affidavit; Dissolution of Summary Suspension Order; Record.

Section
445.1666

Cease and Desist Order; Hearing; Violation; Injunction.

Section
445.1667

Remedies Cumulative.

Section
445.1668

Notice of Hearing on Complaint; Service; Informal Conference; Settlement; Compliance; Hearing.

Section
445.1668a

Fraud; Prohibition; Notice; Hearing; Order.

Section
445.1668b

Hearing; Final Decision; Judicial Review; Effect of Review on Order.

Section
445.1668c

Enforcement of Order; Jurisdiction.

Section
445.1668d

Violation as Misdemeanor; Penalty.

Section
445.1668e

Violation of Order; Exceptions.

Section
445.1669

Continuing to Service Mortgage Loan or Making Mortgage After Suspension or Revocation of License or Registration; Termination of Commitment; Refund.

Section
445.1670

Powers of Commissioner in Conducting Examination or Investigation; Conduct of Person Subpoenaed as Misdemeanor; Conduct of Investigation.

Section
445.1671

Books, Accounts, Records, and Documents; Preservation and Examination; Reports; False Statement as Felony; Penalty.

Section
445.1672

Violations Generally.

Section
445.1672a

Mortgage Loans; Prohibited Advertising.

Section
445.1672b

Repealed. 2009, Act 76, Eff. July 31, 2010.

Section
445.1673

Reasonable and Necessary Charges; Terms and Conditions of Guarantee.

Section
445.1674

Annual Statement and Ledger History of Borrower's Account; Fee Prohibited.

Section
445.1675

Applicability of Act.

Section
445.1675a

Exemptions; Filing Affidavit; Failure to Meet Qualifications.

Section
445.1676

Laws to Which Mortgage Loan Subject.

Section
445.1677

Period Within Which to File Application for License and Proof of Financial Responsibility, to Pay Fees, or to Register.

Section
445.1678

Civil or Criminal Liability.

Section
445.1679

Prohibited Conduct; Misdemeanor; Penalty; Violation of Act or Rules; Civil Fine; Suspension or Revocation of License or Registration; Refusal to Issue or Renew License or Registration; Restitution; Proceedings Subject to MCL 24.201 to 24.328; Bona Fide Error.

Section
445.1680

Effect of Noncompliance on Validity or Enforceability of Mortgage Loan.

Section
445.1681

Action to Obtain Declaratory Judgment, Injunction, or Actual Damages; Limitation.

Section
445.1682

Conservatorship.

Section
445.1683

Mortgage Industry Advisory Board; Creation; Requirements; Communication of Issues to Commissioner; Recommendations.

Section
445.1684

Claims Filed Against Proof of Financial Responsibility.