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Michigan Legislature
Michigan Compiled Laws Complete Through PA 137 of 2018
House: Adjourned until Tuesday, May 29, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, May 29, 2018 10:00:00 AM

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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Act 173 of 1987 - MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (445.1651 - 445.1684)
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Section 445.1652a‑445.1652c ‑ Repealed. 2009, Act 76, Eff.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.

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