MCL - Index of Chapter 493

NOTE: Dates reflect any modification to item, not necessarily a change in law.
Title Subject
Chapter 493 REGULATORY LOANS
Act 21 of 1939 REGULATORY LOAN ACT (493.1 - 493.26)
Section 493.1 Short title; definitions.
Section 493.1a Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.
Section 493.2 Business of making loans; license required; application for license; oath; form and contents; fees; proof of net worth.
Section 493.3 Licenses; bond of applicant; approval; conditions.
Section 493.4 Investigation; findings; issuance or denial of license; notice; transcript of decision and findings.
Section 493.5 Licenses; contents; posting; transfer; assignment.
Section 493.6 Net worth; additional bond; filing.
Section 493.7 Changing name or place of business; procedure; activities at more than 1 place of business; ceasing to engage in activities subject to act.
Section 493.8 Annual establishment of fees schedule; bond; action for recovery of fees or penalties; fees nonrefundable; report; disposition and use of money received.
Section 493.9 Revocation, suspension, or surrender of license; reinstatement or issuance of new license; transcript of order.
Section 493.9a Cease and desist order; grounds; notice; failure to appear at hearing; findings; effective date and duration of order.
Section 493.9b Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
Section 493.9c Fraud.
Section 493.9d Hearing; decision; findings; judicial review; stay.
Section 493.9e Enforcement of order; jurisdiction.
Section 493.9f Violation as misdemeanor; penalty.
Section 493.9g Violation of order; exceptions.
Section 493.10 Commissioner of state banking department; authority to investigate business and examine records; witnesses; examination of licensee; construction of section; disposition of fees.
Section 493.11 Books, accounts, and records of licensee; preservation and accessibility; filing financial statement with commissioner; reports.
Section 493.12 Statements or representations by licensee; lien on real estate; confession of judgment or power of attorney prohibited; note or evidence of indebtedness; blanks; discrimination on basis of sex or marital status prohibited; knowingly permitting person to violate order; fee; conditions.
Section 493.12a False, misleading, deceptive, or irresponsible advertising unlawful; definition; requirements for advertising.
Section 493.12b Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
Section 493.12c False, misleading, deceptive, or irresponsible advertising; report to attorney general; action to restrain by temporary or permanent injunction; costs; civil penalty; notice to licensee; assurance of discontinuance; violation subject to civil penalty; jurisdiction, continuance of cause, and petition for recovery of civil penalty; effect of action or failure to act by commissioner.
Section 493.12d Action to enjoin licensee from advertising; circuit court.
Section 493.13 Limitation on amount of loan and interest charge; obligation under more than 1 loan contract; computation and payment of charges; loan processing fee; fees; amount other than or in excess of charges permitted by act; penalties; “open-end credit” defined.
Section 493.13a Credit life insurance; other insurance.
Section 493.14 Licensee; duties.
Section 493.14a Compliance with federal consumer credit protection act.
Section 493.15 Contract in compliance with retail installment sales act or home improvement finance act.
Section 493.15a Regulatory loan contract; nonperformance by borrower; advances by licensee; termination of insurance upon reinstatement of contractual duties by borrower.
Section 493.16 Repealed. 1978, Act 528, Eff. Mar. 30, 1979.
Section 493.17 Assignment or order for payment of compensation to secure loan invalid; validity of chattel mortgage or lien on household goods; married borrower; signatures; written assent of spouse.
Section 493.18 Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country.
Section 493.19 Violation as misdemeanor; penalty.
Section 493.20 Businesses exempt from act.
Section 493.21 Enforcement of act; rules.
Section 493.22 Amendments or repeals of act; impairment of obligation.
Section 493.23 Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
Section 493.24 Review of decisions and regulations; limitations; method; jurisdiction of courts.
Section 493.25 Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.
Section 493.26 Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
Act 125 of 1981 THE SECONDARY MORTGAGE LOAN ACT (493.51 - 493.81)
Section 493.51 Short title; definitions.
Section 493.52 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.
Section 493.53 Application for license or registration; form and contents.
Section 493.53a Broker, lender, or servicer; registration with commissioner; form.
Section 493.54 Fees.
Section 493.55 Investigation; issuance or refusal to issue license.
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.
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.
Section 493.57 Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
Section 493.58 Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record.
Section 493.59 Order in addition to other legal actions.
Section 493.60 Complaint; forwarding to licensee or registrant; response; investigation or administrative action.
Section 493.61 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.
Section 493.62 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.
Section 493.63 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.
Section 493.64 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.
Section 493.65 Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor.
Section 493.66 Failure to testify or comply with subpoena; court order; contempt.
Section 493.67 Maintaining records relating to conduct of business; availability; statement of borrower's account; ledger history; obligation of servicer; fee prohibited.
Section 493.68 Documents; preservation; other books, accounts, records, and documents.
Section 493.69 Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
Section 493.70 Making or offering to make secondary mortgage loan; terms and conditions.
Section 493.71 Interest rate; limitation; computation; prepaid finance charge or fee.
Section 493.72 Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program.
Section 493.73 Instrument evidencing or securing secondary mortgage; contents.
Section 493.74 Licensee or registrant; prohibited conduct.
Section 493.75 Violation of consumer credit protection act as violation of act.
Section 493.76 Advertising; prohibited conduct.
Section 493.76a Repealed. 2009. Act 77, Eff. July 31, 2010.
Section 493.77 Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions.
Section 493.78 Rules.
Section 493.79 Construction of act; applicability.
Section 493.79a Applicability of act to nonprofit corporation.
Section 493.80 Persons permitted to make secondary mortgage loans.
Section 493.81 Powers and duties of attorney general.
Act 379 of 1984 CREDIT CARD ARRANGEMENTS (493.101 - 493.114)
Section 493.101 Definitions.
Section 493.102 Credit card arrangement; license required; terms and conditions.
Section 493.103 Application for license; oath; form; contents; fees; net worth requirements; rules.
Section 493.104 Investigation; finding; issuance of license; refusal to issue license; expiration of license.
Section 493.105 Duties of commissioner upon refusal to issue license.
Section 493.106 Suspension, revocation, or refusal to renew license; notice; grounds; surrender of license; duration of license; reinstatement or issuance of new license; preexisting lawful contracts.
Section 493.107 Investigations and examination of books, accounts, records, and files; electronic data processing not prohibited; establishment of annual fee schedule; fees nonrefundable; penalty; disposition and use of fees and expenses; action for recovery of fees or expenses.
Section 493.108 Subpoena of witnesses and evidence; oaths and affirmations; noncompliance; order; contempt.
Section 493.109 Books, accounts, and records; maintenance, preservation, and availability; audit; cost.
Section 493.110 Maximum interest; computation; fee; offer of loan or credit in connection with other accounts, services, or similar agreements; prohibited conditions.
Section 493.111 Truth in lending act; disclosures, information, and notices; applicability.
Section 493.112 Wilful and intentional violation as misdemeanor; conduct barring recovery and entitling consumer to attorney fees and court costs; authorized actions.
Section 493.113 Rules.
Section 493.114 Exemptions; credit card or charge card issued prior to effective date of act.
Act 75 of 2009 MORTGAGE LOAN ORIGINATOR LICENSING ACT (493.131 - 493.171)
Section 493.131 Short title.
Section 493.133 Definitions.
Section 493.135 Engaging in business of mortgage loan originator; license required; exemptions; independent contractor loan processor or underwriter; establishment of licensing rules and interim procedures.
Section 493.135a Registered mortgage loan originator; temporary authority; requirements; time period; "state" defined.
Section 493.135b Out of state license; temporary authority; requirements; time period; "state" defined.
Section 493.135c Temporary authority; subject to laws of this state.
Section 493.137 Application; form; fee; criminal history check; relationships or contracts with nationwide mortgage licensing system and registry; furnishing certain information; use.
Section 493.139 Issuance of mortgage loan originator license; findings; conviction.
Section 493.141 Prelicensing education requirements.
Section 493.143 Qualified written test.
Section 493.145 Annual renewal; expiration; reinstatement.
Section 493.147 Continuing education requirements.
Section 493.149 Fees; reports; penalties; deposit of money in MBLSLA fund; limitation on fee levels.
Section 493.151 Mortgage loan originators; license and registration through nationwide mortgage licensing system and registry; rules.
Section 493.153 Process for challenging information entered.
Section 493.155 Powers of commissioner; finding of violation or noncompliance; fine.
Section 493.157 Fraud; notice of intent to prohibit licensure; contents; hearing; order; service; application to terminate order; imminent threat of financial loss to customers; conviction of felony; mailing of notice or issued to employer or principal; decision; judicial review; enforcement; violation of final order; "fraud" defined.
Section 493.159 Surety bond.
Section 493.161 Privacy or confidentiality of information or material.
Section 493.163 Investigations and examinations; access to books and records; reports; control of access to documents or records; duties and authority of commissioner; prohibited conduct by licensed mortgage loan originator or person subject to investigation.
Section 493.165 Licensed mortgage loan originator; prohibited conduct.
Section 493.167 Reports of condition.
Section 493.169 Report of violations; rules.
Section 493.171 Unique identifier of originator of residential mortgage loan.