Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)

Section 445.1651 - Short Title. - Sec. 1. This act shall be known and may be...

Section 445.1651a - Definitions. - Sec. 1a. As used in this act: (a) "Affiliate" means...

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. - Sec. 2. (1) A person shall not act as a...

Section 445.1652a-445.1652c - Repealed. 2009, Act 76, Eff. July 31, 2010. - Compiler's Notes: The repealed sections pertained to services performed by...

Section 445.1653 - License or Renewal; Application; Form; Investigation; Determination; Issuance; Indemnification. - Sec. 3. (1) An application for, or renewal of, a...

Section 445.1654 - Proof of Financial Responsibility. - Sec. 4. (1) Except as otherwise provided in this section,...

Section 445.1655 - Minimum Net Worth. - Sec. 5. A licensee who acts as a mortgage broker...

Section 445.1656 - Registration Required; Applicability of Certain Provisions; Licensing or Registration of Real Estate Broker or Salesperson; Improper Use of Business Name. - Sec. 6. (1) The following shall register with the commissioner...

Section 445.1657 - Expiration of Registration or License; Renewal; Application; Fee; Limitation; Financial Statement. - Sec. 7. (1) A registration or license, unless it is...

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... - Sec. 8. (1) At the time of making an initial...

Section 445.1659 - Transfer or Assignment of License or Registration. - Sec. 9. A license shall not be transferred or assigned...

Section 445.1660 - Surrender, Revocation, or Suspension of License or Registration; Loss or Destruction; Affidavit. - Sec. 10. (1) A licensee or registrant may surrender a...

Section 445.1661 - Powers of Commissioner Generally. - Sec. 11. (1) The commissioner shall exercise general supervision and...

Section 445.1662 - Notice of Intention to Enter Order of License or Registration, Suspension or Revocation, or Refusal to Issue License; Hearing; Final Order. - Sec. 12. (1) The commissioner shall give notice to a...

Section 445.1663 - Complaint; Investigation; Federal Regulatory Authority. - Sec. 13. (1) The attorney general, the commissioner, or any...

Section 445.1664 - Provisions Applicable to Investigation. - Sec. 14. All of the following shall apply to an...

Section 445.1665 - Summary Suspension of License or Registration; Order; Affidavit; Dissolution of Summary Suspension Order; Record. - Sec. 15. (1) After an investigation has been conducted pursuant...

Section 445.1666 - Cease and Desist Order; Hearing; Violation; Injunction. - Sec. 16. (1) After an investigation has been conducted pursuant...

Section 445.1667 - Remedies Cumulative. - Sec. 17. A summary suspension order, cease and desist order,...

Section 445.1668 - Notice of Hearing on Complaint; Service; Informal Conference; Settlement; Compliance; Hearing. - Sec. 18. (1) After an investigation has been conducted and...

Section 445.1668a - Fraud; Prohibition; Notice; Hearing; Order. - Sec. 18a. (1) If in the opinion of the commissioner...

Section 445.1668b - Hearing; Final Decision; Judicial Review; Effect of Review on Order. - Sec. 18b. (1) A hearing under section 16 or 18a...

Section 445.1668c - Enforcement of Order; Jurisdiction. - Sec. 18c. The commissioner may apply to the circuit court...

Section 445.1668d - Violation as Misdemeanor; Penalty. - Sec. 18d. Any current or former executive officer, director, agent,...

Section 445.1668e - Violation of Order; Exceptions. - Sec. 18e. A control person who is subject to an...

Section 445.1669 - Continuing to Service Mortgage Loan or Making Mortgage After Suspension or Revocation of License or Registration; Termination of Commitment; Refund. - Sec. 19. Nothing in this act shall preclude a person...

Section 445.1670 - Powers of Commissioner in Conducting Examination or Investigation; Conduct of Person Subpoenaed as Misdemeanor; Conduct of Investigation. - Sec. 20. (1) In the conduct of any examination or...

Section 445.1671 - Books, Accounts, Records, and Documents; Preservation and Examination; Reports; False Statement as Felony; Penalty. - Sec. 21. (1) A licensee or registrant shall maintain books,...

Section 445.1672 - Violations Generally. - Sec. 22. It is a violation of this act for...

Section 445.1672a - Mortgage Loans; Prohibited Advertising. - Sec. 22a. (1) A licensee or registrant shall not, directly...

Section 445.1672b - Repealed. 2009, Act 76, Eff. July 31, 2010. - Compiler's Notes: The repealed section pertained to prohibited conduct of...

Section 445.1673 - Reasonable and Necessary Charges; Terms and Conditions of Guarantee. - Sec. 23. (1) A licensee or registrant may require a...

Section 445.1674 - Annual Statement and Ledger History of Borrower's Account; Fee Prohibited. - Sec. 24. (1) A mortgage servicer shall deliver to the...

Section 445.1675 - Applicability of Act. - Sec. 25. This act does not apply to any of...

Section 445.1675a - Exemptions; Filing Affidavit; Failure to Meet Qualifications. - Sec. 25a. (1) Except for the requirements of section 23,...

Section 445.1676 - Laws to Which Mortgage Loan Subject. - Sec. 26. Notwithstanding the place of execution, nominal or real,...

Section 445.1677 - Period Within Which to File Application for License and Proof of Financial Responsibility, to Pay Fees, or to Register. - Sec. 27. Any mortgage broker, mortgage lender, or mortgage servicer...

Section 445.1678 - Civil or Criminal Liability. - Sec. 28. This act does not relieve a person from...

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... - Sec. 29. (1) An owner, partner, member, officer, director, trustee,...

Section 445.1680 - Effect of Noncompliance on Validity or Enforceability of Mortgage Loan. - Sec. 30. Failure to comply with the provisions of this...

Section 445.1681 - Action to Obtain Declaratory Judgment, Injunction, or Actual Damages; Limitation. - Sec. 31. (1) Whether or not a person seeks damages...

Section 445.1682 - Conservatorship. - Sec. 32. (1) Notwithstanding the provisions of section 19, if...

Section 445.1683 - Mortgage Industry Advisory Board; Creation; Requirements; Communication of Issues to Commissioner; Recommendations. - Sec. 33. (1) The mortgage industry advisory board is created....

Section 445.1684 - Claims Filed Against Proof of Financial Responsibility. - Sec. 34. (1) The commissioner shall prioritize and pay claims...