MCL - Act 125 of 1981

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THE SECONDARY MORTGAGE LOAN ACT

Act 125 of 1981

AN ACT to regulate secondary mortgage loans; to regulate secondary mortgage brokers, lenders, and servicers; to prescribe powers and duties of certain state agencies and officials; to require certain fees; to provide for the establishment of a revolving fund; to provide for the promulgation of rules; and to provide remedies and prescribe penalties.


History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1988, Act 444, Imd. Eff. Dec. 27, 1988 ;-- Am. 1989, Act 66, Imd. Eff. June 16, 1989 ;-- Am. 1995, Act 164, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 ;-- Am. 2008, Act 325, Imd. Eff. Dec. 18, 2008 ;-- Am. 2009, Act 77, Eff. July 31, 2010
Popular Name: Secondary Mortgage Loan Act




The People of the State of Michigan enact:
Document Type Description
Section 493.51 Section Short title; definitions.
Section 493.52 Section Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name.
Section 493.52a-493.52d Section Repealed. 2009, Act 77, Eff. July 31, 2010.
Section 493.53 Section Application for license or registration; form and contents.
Section 493.53a Section Broker, lender, or servicer; registration with commissioner; form.
Section 493.54 Section Fees.
Section 493.55 Section Investigation; issuance or refusal to issue license.
Section 493.56 Section 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 Section 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 Section Powers of commissioner.
Section 493.57 Section Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
Section 493.58 Section Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record.
Section 493.59 Section Order in addition to other legal actions.
Section 493.60 Section Complaint; forwarding to licensee or registrant; response; investigation or administrative action.
Section 493.61 Section 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 Section Contracts or commitments made prior to suspension or revocation.
Section 493.62a Section Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest.
Section 493.63 Section 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 Section Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement.
Section 493.64a Section Fraud.
Section 493.64b Section Hearing; final decision; judicial review; stay of commissioner's order.
Section 493.64c Section Enforcement of order; jurisdiction.
Section 493.64d Section Violation as misdemeanor; penalty.
Section 493.64e Section Violation of order; exceptions.
Section 493.65 Section Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor.
Section 493.66 Section Failure to testify or comply with subpoena; court order; contempt.
Section 493.67 Section Maintaining records relating to conduct of business; availability; statement of borrower's account; ledger history; obligation of servicer; fee prohibited.
Section 493.68 Section Documents; preservation; other books, accounts, records, and documents.
Section 493.69 Section Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
Section 493.70 Section Making or offering to make secondary mortgage loan; terms and conditions.
Section 493.71 Section Interest rate; limitation; computation; prepaid finance charge or fee.
Section 493.72 Section Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program.
Section 493.73 Section Instrument evidencing or securing secondary mortgage; contents.
Section 493.74 Section Licensee or registrant; prohibited conduct.
Section 493.75 Section Violation of consumer credit protection act as violation of act.
Section 493.76 Section Advertising; prohibited conduct.
Section 493.76a Section Repealed. 2009. Act 77, Eff. July 31, 2010.
Section 493.77 Section Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions.
Section 493.78 Section Rules.
Section 493.79 Section Construction of act; applicability.
Section 493.79a Section Applicability of act to nonprofit corporation.
Section 493.80 Section Persons permitted to make secondary mortgage loans.
Section 493.81 Section Powers and duties of attorney general.