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Michigan Statutes, Title 445

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Michigan/Statutes

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Title 445, TRADE AND COMMERCE

114 chapters · 762 sections in this title.

All chapters in Title 445762 Ch 173-of-1987, MORTGAGE BROKERS, LENDERS, AND SERVI…42 Ch 331-of-1976, MICHIGAN CONSUMER PROTECTION ACT37 Ch 269-of-1974, FRANCHISE INVESTMENT LAW34 Ch 332-of-1965, HOME IMPROVEMENT FINANCE ACT34 Ch 118-of-1981, MOTOR VEHICLE FRANCHISE ACT28 Ch 224-of-1966, RETAIL INSTALLMENT SALES ACT27 Ch 424-of-1984, RENTAL-PURCHASE AGREEMENT ACT20 Ch 452-of-2004, IDENTITY THEFT PROTECTION ACT20 Ch 274-of-1984, MICHIGAN ANTITRUST REFORM ACT19 Ch 229-of-2013, SECURITY FREEZE ACT18 Ch Initiated Law 1-of-1976, BEVERAGE CONTAINERS17 Ch 155-of-1981, OWNERSHIP RIGHTS IN DIES, MOLDS, AND…17 Ch 33-of-2009, RECREATIONAL VEHICLE FRANCHISE ACT15 Ch 15-of-2011, SHOPPING REFORM AND MODERNIZATION ACT14

42 sections·Filtered byTitle 445✕Ch 173-of-1987✕

Mich. Comp. Laws § 445.1651 Short title.
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Sec. 1. This act shall be known and may be cited as the "mortgage brokers, lenders, and servicers licensing act".
Mich. Comp. Laws § 445.1651a Definitions.
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Sec. 1a. As used in this act: (a) "Affiliate" means a person or group of persons that directly or indirectly through 1 or more intermediaries controls, is controlled by, or is under common control with another person and engaged in a business or transaction regulated by this act.…
Mich. Comp. Laws § 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.
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Sec. 2. (1) A person shall not act as a mortgage broker, mortgage lender, or mortgage servicer without first obtaining a license under this act or registering under section 6, unless 1 or more of the following apply: (a) The person is providing loan officer services as an employe…
Mich. Comp. Laws § 445.1653 License or renewal; application; form; investigation; determination; issuance; indemnification.
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Sec. 3. (1) An application for, or renewal of, a license shall be made in writing to the commissioner on a form prescribed by the commissioner. If the commissioner determines after investigation that the experience, character, business reputation, and general fitness of the appli…

Mich. Comp. Laws § 445.1654 Proof of financial responsibility.

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Sec. 4. (1) Except as otherwise provided in this section, at the time of filing an application for a license or renewal of a license, the applicant shall do all of the following: (a) Provide proof of financial responsibility in the following amounts: (i) $25,000.00 for an applica…

Mich. Comp. Laws § 445.1655 Minimum net worth.

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Sec. 5. A licensee who acts as a mortgage broker and who receives funds from a prospective borrower before the closing of the mortgage loan shall maintain a net worth of not less than $25,000.00. A licensee who acts as a mortgage lender shall maintain a net worth of not less than…

Mich. Comp. Laws § 445.1656 Registration required; applicability of certain provisions; licensing or registration of real estate broker or salesperson; improper use of business name.

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Sec. 6. (1) The following shall register with the commissioner on a form prescribed by the commissioner: (a) A mortgage broker, mortgage lender, or mortgage servicer approved as a seller or servicer by the federal national mortgage association or the federal home loan mortgage co…

Mich. Comp. Laws § 445.1657 Expiration of registration or license; renewal; application; fee; limitation; financial statement.

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Sec. 7. (1) A registration or license, unless it is renewed, shall expire December 31 of each year. A registration or license may be renewed by filing a registration or an application for license renewal and paying the annual operating fee for the succeeding year. The registratio…

Mich. Comp. Laws § 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.

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Sec. 8. (1) At the time of making an initial application for a license under this act, and at the time of making the first application for a license after the suspension or revocation of a license, an applicant for licensure under this act shall pay to the commissioner a fee for …

Mich. Comp. Laws § 445.1659 Transfer or assignment of license or registration.

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Sec. 9. A license shall not be transferred or assigned without the consent of the commissioner. The sale, transfer, assignment, or conveyance of more than 25% of the outstanding voting stock of a licensee which is a corporation, or more than 25% of the interest in a licensee whic…

Mich. Comp. Laws § 445.1660 Surrender, revocation, or suspension of license or registration; loss or destruction; affidavit.

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Sec. 10. (1) A licensee or registrant may surrender a license or registration by delivering to the commissioner the license or registration with written notice that the licensee or registrant surrenders the license or registration. The surrender, revocation, or suspension of a li…

Mich. Comp. Laws § 445.1661 Powers of commissioner generally.

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Sec. 11. (1) The commissioner shall exercise general supervision and control over mortgage brokers, mortgage lenders, and mortgage servicers doing business in this state. (2) In addition to the other powers granted to the commissioner by this act, the commissioner shall have all …

Mich. Comp. Laws § 445.1662 Notice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order.

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Sec. 12. (1) The commissioner shall give notice to a licensee or registrant of intention to enter an order suspending or revoking that person's license or registration, or notice to an applicant of a refusal to issue a license or registration, in writing and served personally or …

Mich. Comp. Laws § 445.1663 Complaint; investigation; federal regulatory authority.

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Sec. 13. (1) The attorney general, the commissioner, or any other person may file a complaint with the commissioner alleging that a person has violated this act or a rule promulgated or an order issued under this act. If the complaint is made by the commissioner, he or she shall …

Mich. Comp. Laws § 445.1664 Provisions applicable to investigation.

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Sec. 14. All of the following shall apply to an investigation conducted under section 13: (a) The employees or agents of the office of financial and insurance regulation shall complete the investigation within a reasonable period of time. (b) If the investigation does not disclos…

Mich. Comp. Laws § 445.1665 Summary suspension of license or registration; order; affidavit; dissolution of summary suspension order; record.

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Sec. 15. (1) After an investigation has been conducted pursuant to section 13, the commissioner may issue an order summarily suspending a license or registration pursuant to section 92 of the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sec…

Mich. Comp. Laws § 445.1666 Cease and desist order; hearing; violation; injunction.

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Sec. 16. (1) After an investigation has been conducted pursuant to section 13, and prior to holding the hearing under section 18, the commissioner may order a person to cease and desist from a violation of this act or a rule promulgated or an order issued under this act. (2) A pe…

Mich. Comp. Laws § 445.1667 Remedies cumulative.

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Sec. 17. A summary suspension order, cease and desist order, or injunctive relief issued or granted in relation to a license shall be in addition to and not in place of an informal conference, criminal prosecution, or proceeding to deny, revoke, or suspend a license or registrati…

Mich. Comp. Laws § 445.1668 Notice of hearing on complaint; service; informal conference; settlement; compliance; hearing.

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Sec. 18. (1) After an investigation has been conducted and a formal complaint has been prepared pursuant to section 14(c), the commissioner shall serve upon the person against whom the complaint was filed, and the person who filed the complaint, a notice of a hearing on the compl…

Mich. Comp. Laws § 445.1668a Fraud; prohibition; notice; hearing; order.

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Sec. 18a. (1) If in the opinion of the commissioner a person has engaged in fraud, the commissioner may serve upon that person a written notice of intention to prohibit that person from being employed by, an agent of, or control person of a licensee or registrant under this act o…

Mich. Comp. Laws § 445.1668b Hearing; final decision; judicial review; effect of review on order.

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Sec. 18b. (1) A hearing under section 16 or 18a shall be conducted under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Within 30 days after the commissioner has notified the parties that the case has been submitted to him or her for final decision,…

Mich. Comp. Laws § 445.1668c Enforcement of order; jurisdiction.

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Sec. 18c. The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 15, 16, or 18a.

Mich. Comp. Laws § 445.1668d Violation as misdemeanor; penalty.

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Sec. 18d. Any current or former executive officer, director, agent, or control person who violates a final order issued under section 18a is guilty of a misdemeanor punishable by a fine of not more than $5,000.00 or imprisonment for not more than 1 year, or both.

Mich. Comp. Laws § 445.1668e Violation of order; exceptions.

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Sec. 18e. A control person who is subject to an order issued under section 18a and who meets all of the following requirements is not in violation of the order: (a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or reg…

Mich. Comp. Laws § 445.1669 Continuing to service mortgage loan or making mortgage after suspension or revocation of license or registration; termination of commitment; refund.

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Sec. 19. Nothing in this act shall preclude a person whose license or registration has been suspended or revoked, summarily or otherwise, from continuing to service mortgage loans pursuant to servicing contracts in existence at the time of the suspension for a period not to excee…

Mich. Comp. Laws § 445.1670 Powers of commissioner in conducting examination or investigation; conduct of person subpoenaed as misdemeanor; conduct of investigation.

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Sec. 20. (1) In the conduct of any examination or investigation under this act, the commissioner may do any of the following: (a) Compel the attendance of a person by subpoena. (b) Administer oaths. (c) Interrogate a person under oath concerning the business and conduct of affair…

Mich. Comp. Laws § 445.1671 Books, accounts, records, and documents; preservation and examination; reports; false statement as felony; penalty.

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Sec. 21. (1) A licensee or registrant shall maintain books, accounts, records, and documents of the business, as prescribed by the commissioner, conducted under the license or registration to enable the commissioner to determine whether the business of the licensee or registrant …

Mich. Comp. Laws § 445.1672 Violations generally.

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Sec. 22. It is a violation of this act for a licensee or registrant to do any of the following: (a) Fail to conduct the business in accordance with law, this act, or a rule promulgated or order issued under this act. (b) Engage in fraud, deceit, or material misrepresentation in c…

Mich. Comp. Laws § 445.1672a Mortgage loans; prohibited advertising.

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Sec. 22a. (1) A licensee or registrant shall not, directly or indirectly, make a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans. (2) A licensee or registrant shall not advertise any size of loan, security required for …

Mich. Comp. Laws § 445.1673 Reasonable and necessary charges; terms and conditions of guarantee.

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Sec. 23. (1) A licensee or registrant may require a borrower to pay reasonable and necessary charges which are the actual expenses incurred by the licensee or registrant in connection with the making, closing, disbursing, extending, readjusting, or renewing of a mortgage loan and…

Mich. Comp. Laws § 445.1674 Annual statement and ledger history of borrower's account; fee prohibited.

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Sec. 24. (1) A mortgage servicer shall deliver to the borrower annually a statement of the borrower's account showing the unpaid principal balance of the mortgage loan at the end of the immediately preceding 12-month period, the interest paid during such period, and the amounts d…

Mich. Comp. Laws § 445.1675 Applicability of act.

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Sec. 25. This act does not apply to any of the following: (a) A depository financial institution whether or not the depository financial institution is acting in a capacity of a trustee or fiduciary. (b) A salesperson acting as an agent for a residential builder or residential ma…

Mich. Comp. Laws § 445.1675a Exemptions; filing affidavit; failure to meet qualifications.

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Sec. 25a. (1) Except for the requirements of section 23, the commissioner may exempt from the requirements of this act a person the commissioner believes merits the confidence of the community and demonstrates all of the following: (a) Is exempt from federal income taxes under se…

Mich. Comp. Laws § 445.1676 Laws to which mortgage loan subject.

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Sec. 26. Notwithstanding the place of execution, nominal or real, of a mortgage loan, if the real property is located in this state, the mortgage loan is subject to this act and all other applicable laws of this state.

Mich. Comp. Laws § 445.1677 Period within which to file application for license and proof of financial responsibility, to pay fees, or to register.

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Sec. 27. Any mortgage broker, mortgage lender, or mortgage servicer engaged in activities covered by this act on the effective date of this act shall have 90 days after the effective date of this act in which to file an application for a license together with proof of financial r…

Mich. Comp. Laws § 445.1678 Civil or criminal liability.

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Sec. 28. This act does not relieve a person from civil or criminal liability under other laws of this state or any federal law.

Mich. Comp. Laws § 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.

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Sec. 29. (1) An owner, partner, member, officer, director, trustee, employee, agent, broker, or other person, or a representative acting on the authority of that person that willfully or intentionally does any of the following is guilty of a misdemeanor punishable by a fine of no…

Mich. Comp. Laws § 445.1680 Effect of noncompliance on validity or enforceability of mortgage loan.

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Sec. 30. Failure to comply with the provisions of this act shall not affect the validity or enforceability of any mortgage loan, unless the mortgage loan is invalid or unenforceable under the provisions of any other laws of this state or under any federal law.

Mich. Comp. Laws § 445.1681 Action to obtain declaratory judgment, injunction, or actual damages; limitation.

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Sec. 31. (1) Whether or not a person seeks damages or has an adequate remedy at law, any person, prosecutor, or the attorney general may bring an action, including a class action, to do any of the following: (a) Obtain a declaratory judgment that a method, act, or practice is a v…

Mich. Comp. Laws § 445.1682 Conservatorship.

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Sec. 32. (1) Notwithstanding the provisions of section 19, if the commissioner determines that a licensee or registrant is, intentionally or as a result of gross or wanton negligence, not servicing mortgage loans in accordance with the terms of this act or the terms of the servic…

Mich. Comp. Laws § 445.1683 Mortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations.

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Sec. 33. (1) The mortgage industry advisory board is created. (2) All of the following apply to the board: (a) The board shall consist of 7 individuals, appointed by the commissioner as follows: (i) Four individuals who are employees of, are directors of, or have at least a 25% o…

Mich. Comp. Laws § 445.1684 Claims filed against proof of financial responsibility.

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Sec. 34. (1) The commissioner shall prioritize and pay claims against a proof of financial responsibility filed with the commissioner under section 4 in a manner that, in his or her discretion, best protects the public interest. (2) Claims may only be filed against a licensee's p…