MCL - Act 173 of 1987


Act 173 of 1987

AN ACT to define and regulate mortgage brokers, mortgage lenders, and mortgage servicers; to prescribe the powers and duties of certain public officers and agencies; to provide for the promulgation of rules; and to provide remedies and penalties.

History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 ;-- Am. 2008, Act 66, Imd. Eff. Apr. 3, 2008 ;-- Am. 2009, Act 76, Eff. July 31, 2010

The People of the State of Michigan enact:
Document Type Description
Section 445.1651 Section Short title.
Section 445.1651a Section Definitions.
Section 445.1652 Section 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Section 445.1652a-445.1652c Section Repealed. 2009, Act 76, Eff. July 31, 2010.
Section 445.1653 Section License or renewal; application; form; investigation; determination; issuance; indemnification.
Section 445.1654 Section Proof of financial responsibility.
Section 445.1655 Section Minimum net worth.
Section 445.1656 Section Registration required; applicability of certain provisions; licensing or registration of real estate broker or salesperson; improper use of business name.
Section 445.1657 Section Expiration of registration or license; renewal; application; fee; limitation; financial statement.
Section 445.1658 Section 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 Section Transfer or assignment of license or registration.
Section 445.1660 Section Surrender, revocation, or suspension of license or registration; loss or destruction; affidavit.
Section 445.1661 Section Powers of commissioner generally.
Section 445.1662 Section Notice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order.
Section 445.1663 Section Complaint; investigation; federal regulatory authority.
Section 445.1664 Section Provisions applicable to investigation.
Section 445.1665 Section Summary suspension of license or registration; order; affidavit; dissolution of summary suspension order; record.
Section 445.1666 Section Cease and desist order; hearing; violation; injunction.
Section 445.1667 Section Remedies cumulative.
Section 445.1668 Section Notice of hearing on complaint; service; informal conference; settlement; compliance; hearing.
Section 445.1668a Section Fraud; prohibition; notice; hearing; order.
Section 445.1668b Section Hearing; final decision; judicial review; effect of review on order.
Section 445.1668c Section Enforcement of order; jurisdiction.
Section 445.1668d Section Violation as misdemeanor; penalty.
Section 445.1668e Section Violation of order; exceptions.
Section 445.1669 Section Continuing to service mortgage loan or making mortgage after suspension or revocation of license or registration; termination of commitment; refund.
Section 445.1670 Section Powers of commissioner in conducting examination or investigation; conduct of person subpoenaed as misdemeanor; conduct of investigation.
Section 445.1671 Section Books, accounts, records, and documents; preservation and examination; reports; false statement as felony; penalty.
Section 445.1672 Section Violations generally.
Section 445.1672a Section Mortgage loans; prohibited advertising.
Section 445.1672b Section Repealed. 2009, Act 76, Eff. July 31, 2010.
Section 445.1673 Section Reasonable and necessary charges; terms and conditions of guarantee.
Section 445.1674 Section Annual statement and ledger history of borrower's account; fee prohibited.
Section 445.1675 Section Applicability of act.
Section 445.1675a Section Exemptions; filing affidavit; failure to meet qualifications.
Section 445.1676 Section Laws to which mortgage loan subject.
Section 445.1677 Section Period within which to file application for license and proof of financial responsibility, to pay fees, or to register.
Section 445.1678 Section Civil or criminal liability.
Section 445.1679 Section 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 Section Effect of noncompliance on validity or enforceability of mortgage loan.
Section 445.1681 Section Action to obtain declaratory judgment, injunction, or actual damages; limitation.
Section 445.1682 Section Conservatorship.
Section 445.1683 Section Mortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations.
Section 445.1684 Section Claims filed against proof of financial responsibility.