Michigan Compiled Laws
Chapter 493 - Regulatory Loans

Section 493.2 - Business of Making Loans; License Required; Application for License; Oath; Form and Contents; Fees; Proof of Net Worth. - Sec. 2. (1) Except as otherwise provided under this act,...

Section 493.3 - Licenses; Bond of Applicant; Approval; Conditions. - Sec. 3. The applicant, at the time of filing an...

Section 493.4 - Investigation; Findings; Issuance or Denial of License; Notice; Transcript of Decision and Findings. - Sec. 4. (1) Upon the filing of the application, the...

Section 493.5 - Licenses; Contents; Posting; Transfer; Assignment. - Sec. 5. (1) Except as otherwise provided under this section,...

Section 493.6 - Net Worth; Additional Bond; Filing. - Sec. 6. (1) Every licensee shall maintain at all times...

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. - Sec. 7. (1) A licensee under this act may change...

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. - Sec. 8. (1) The commissioner shall annually establish the schedule...

Section 493.9 - Revocation, Suspension, or Surrender of License; Reinstatement or Issuance of New License; Transcript of Order. - Sec. 9. (1) The commissioner, upon 10 days' written notice...

Section 493.9a - Cease and Desist Order; Grounds; Notice; Failure to Appear at Hearing; Findings; Effective Date and Duration of Order. - Sec. 9a. (1) If in the opinion of the commissioner...

Section 493.9b - Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension. - Sec. 9b. (1) As provided in section 10, the commissioner...

Section 493.9c - Fraud. - Sec. 9c. (1) If in the opinion of the commissioner...

Section 493.9d - Hearing; Decision; Findings; Judicial Review; Stay. - Sec. 9d. (1) A hearing under sections 9, 9a, and...

Section 493.9e - Enforcement of Order; Jurisdiction. - Sec. 9e. The commissioner may apply to the circuit court...

Section 493.9f - Violation as Misdemeanor; Penalty. - Sec. 9f. Any current or former executive officer, director, agent,...

Section 493.9g - Violation of Order; Exceptions. - Sec. 9g. A control person who is subject to an...

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. - Sec. 10. (1) For the purpose of investigating violations of...

Section 493.11 - Books, Accounts, and Records of Licensee; Preservation and Accessibility; Filing Financial Statement With Commissioner; Reports. - Sec. 11. (1) The licensee shall keep and use in...

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... - Sec. 12. (1) A licensee or other person shall not...

Section 493.12a - False, Misleading, Deceptive, or Irresponsible Advertising Unlawful; Definition; Requirements for Advertising. - Sec. 12a. (1) False, misleading, deceptive, or irresponsible advertising is...

Section 493.12b - Repealed. 1991, Act 14, Eff. Oct. 1, 1991. - Compiler's Notes: The repealed section pertained to licensee promotional plans.

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 Subjec... - Sec. 12c. (1) If the commissioner has probable cause to...

Section 493.12d - Action to Enjoin Licensee From Advertising; Circuit Court. - Sec. 12d. A person may bring an action in the...

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... - Sec. 13. (1) A licensee may lend money and may...

Section 493.13a - Credit Life Insurance; Other Insurance. - Sec. 13a. (1) In addition to charges allowed under section...

Section 493.14 - Licensee; Duties. - Sec. 14. A licensee shall: (a) Deliver to the borrower...

Section 493.14a - Compliance With Federal Consumer Credit Protection Act. - Sec. 14a. Compliance with the requirements of the consumer credit...

Section 493.15 - Contract in Compliance With Retail Installment Sales Act or Home Improvement Finance Act. - Sec. 15. A licensee may purchase a contract made in...

Section 493.15a - Regulatory Loan Contract; Nonperformance by Borrower; Advances by Licensee; Termination of Insurance Upon Reinstatement of Contractual Duties by Borrower. - Sec. 15a. (1) If a regulatory loan contract contains obligations...

Section 493.16 - Repealed. 1978, Act 528, Eff. Mar. 30, 1979. - Compiler's Notes: The repealed section pertained to sale or assignment...

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. - Sec. 17. (1) An assignment of, or order for payment...

Section 493.18 - Unlicensed Persons; Limitation on Interest, Discount, or Consideration; Applicability of Act to Loans Made in Another State or Country. - Sec. 18. (1) A person, except as authorized by this...

Section 493.19 - Violation as Misdemeanor; Penalty. - Sec. 19. (1) A person, including a member, officer, director,...

Section 493.20 - Businesses Exempt From Act. - Sec. 20. This act shall not apply to any person...

Section 493.21 - Enforcement of Act; Rules. - Sec. 21. The commissioner may promulgate rules that are necessary...

Section 493.22 - Amendments or Repeals of Act; Impairment of Obligation. - Sec. 22. This act or any part thereof may be...

Section 493.23 - Repealed. 1991, Act 14, Eff. Oct. 1, 1991. - Compiler's Notes: The repealed section pertained to licensees under former...

Section 493.24 - Review of Decisions and Regulations; Limitations; Method; Jurisdiction of Courts. - Sec. 24. Any applicant under section 4 of this act...

Section 493.25 - Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002. - Compiler's Notes: The repealed section pertained to certified copy of...

Section 493.26 - Repealed. 1991, Act 14, Eff. Oct. 1, 1991. - Compiler's Notes: The repealed section contained a repealer and saving...

Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)

Section 493.51 - Short Title; Definitions. - Sec. 1. (1) This act shall be known and may...

Section 493.52 - Broker, Lender, or Servicer; License or Registration Required; Exemption; Use of Name or Assumed Name. - Sec. 2. (1) A person shall not act as a...

Section 493.52a-493.52d - Repealed. 2009, Act 77, Eff. July 31, 2010. - Compiler's Notes: The repealed sections pertained to performance of sevices...

Section 493.53 - Application for License or Registration; Form and Contents. - Sec. 3. (1) An application for a license or registration...

Section 493.53a - Broker, Lender, or Servicer; Registration With Commissioner; Form. - Sec. 3a. The following persons shall register with the commissioner...

Section 493.54 - Fees. - Sec. 4. (1) At the time of making an application...

Section 493.55 - Investigation; Issuance or Refusal to Issue License. - Sec. 5. (1) Upon the filing of an application for...

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. - Sec. 6. (1) Except as otherwise provided in this section,...

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 Report... - Sec. 6a. (1) A registration or license, unless it is...

Section 493.56b - Powers of Commissioner. - Sec. 6b. (1) The commissioner shall exercise general supervision and...

Section 493.57 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. - Compiler's Notes: The repealed section pertained to duties of commissioner...

Section 493.58 - Summary Suspension of License or Registration; Order; Affidavit; Service; Filing Request for Hearing; Duration of License Suspension; Record. - Sec. 8. (1) The commissioner may issue an order summarily...

Section 493.59 - Order in Addition to Other Legal Actions. - Sec. 9. A summary suspension order, cease and desist order,...

Section 493.60 - Complaint; Forwarding to Licensee or Registrant; Response; Investigation or Administrative Action. - Sec. 10. (1) Any person may file a complaint with...

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 Regis... - Sec. 11. (1) The commissioner shall give notice to a...

Section 493.62 - Contracts or Commitments Made Prior to Suspension or Revocation. - Sec. 12. (1) This act does not prevent a person...

Section 493.62a - Conservator; Appointment; Reimbursement of Expenses; Powers; Termination; Disposition of Compensation and Expenses; Disbursement of Funds and Interest. - Sec. 12a. (1) Notwithstanding section 12, if the commissioner determines...

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. - Sec. 13. (1) A license or registration remains in force...

Section 493.64 - Order to Cease and Desist; Issuance; Conditions; Notice; Hearing; Failure to Appear as Consent; Service or Order; Effective Date and Enforcement. - Sec. 14. (1) If in the opinion of the commissioner...

Section 493.64a - Fraud. - Sec. 14a. (1) If in the opinion of the commissioner...

Section 493.64b - Hearing; Final Decision; Judicial Review; Stay of Commissioner's Order. - Sec. 14b. (1) A hearing under section 14 or 14a...

Section 493.64c - Enforcement of Order; Jurisdiction. - Sec. 14c. The commissioner may apply to the circuit court...

Section 493.64d - Violation as Misdemeanor; Penalty. - Sec. 14d. Any current or former executive officer, director, agent,...

Section 493.64e - Violation of Order; Exceptions. - Sec. 14e. A control person who is subject to an...

Section 493.65 - Subpoena of Witnesses and Evidence; Oaths and Affirmations; Certain Conduct as Misdemeanor. - Sec. 15. (1) The commissioner may subpoena witnesses and documents,...

Section 493.66 - Failure to Testify or Comply With Subpoena; Court Order; Contempt. - Sec. 16. If a person fails to comply with a...

Section 493.67 - Maintaining Records Relating to Conduct of Business; Availability; Statement of Borrower's Account; Ledger History; Obligation of Servicer; Fee Prohibited. - Sec. 17. (1) A licensee or registrant shall maintain books,...

Section 493.68 - Documents; Preservation; Other Books, Accounts, Records, and Documents. - Sec. 18. (1) A licensee or registrant shall preserve and...

Section 493.69 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. - Compiler's Notes: The repealed section pertained to rules prescribing minimum...

Section 493.70 - Making or Offering to Make Secondary Mortgage Loan; Terms and Conditions. - Sec. 20. A licensee or registrant shall not make or...

Section 493.71 - Interest Rate; Limitation; Computation; Prepaid Finance Charge or Fee. - Sec. 21. (1) A licensee or registrant may charge, contract...

Section 493.72 - Charges and Fees Includable in Principal; Interest Authorized by Law; Sale of Insurance; Hazard Insurance; Charges Permitted by Federal Lending Program. - Sec. 22. (1) A licensee or registrant shall not directly...

Section 493.73 - Instrument Evidencing or Securing Secondary Mortgage; Contents. - Sec. 23. An instrument evidencing or securing a secondary mortgage...

Section 493.74 - Licensee or Registrant; Prohibited Conduct. - Sec. 24. (1) A licensee or registrant shall not transfer...

Section 493.75 - Violation of Consumer Credit Protection Act as Violation of Act. - Sec. 25. A violation of the consumer credit protection act,...

Section 493.76 - Advertising; Prohibited Conduct. - Sec. 26. (1) A licensee or registrant shall not, willfully...

Section 493.76a - Repealed. 2009. Act 77, Eff. July 31, 2010. - Compiler's Notes: The repealed section pertained to registration or license...

Section 493.77 - Violation of Act; Making Secondary Mortgage Loans Without License as Misdemeanor; Penalty; Civil Fine; Actions. - Sec. 27. (1) In addition to the penalties provided by...

Section 493.78 - Rules. - Sec. 28. The commissioner shall promulgate rules under the administrative...

Section 493.79 - Construction of Act; Applicability. - Sec. 29. This act does not apply to a depository...

Section 493.79a - Applicability of Act to Nonprofit Corporation. - Sec. 29a. (1) This act does not apply to a...

Section 493.80 - Persons Permitted to Make Secondary Mortgage Loans. - Sec. 30. (1) Except as otherwise provided by this act,...

Section 493.81 - Powers and Duties of Attorney General. - Sec. 31. The powers and duties of the attorney general...

Act 379 of 1984 - Credit Card Arrangements (493.101 - 493.114)

Section 493.101 - Definitions. - Sec. 1. As used in this act: (a) "Commissioner" means...

Section 493.102 - Credit Card Arrangement; License Required; Terms and Conditions. - Sec. 2. (1) Except for a person licensed under the...

Section 493.103 - Application for License; Oath; Form; Contents; Fees; Net Worth Requirements; Rules. - Sec. 3. (1) An application for a license under this...

Section 493.104 - Investigation; Finding; Issuance of License; Refusal to Issue License; Expiration of License. - Sec. 4. (1) Upon the filing of an application and...

Section 493.105 - Duties of Commissioner Upon Refusal to Issue License. - Sec. 5. If the commissioner refuses to issue a 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. - Sec. 6. (1) The commissioner may suspend, revoke, or refuse...

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 fo... - Sec. 7. (1) The commissioner may, at any time, make...

Section 493.108 - Subpoena of Witnesses and Evidence; Oaths and Affirmations; Noncompliance; Order; Contempt. - Sec. 8. (1) The commissioner may subpoena witnesses and documents,...

Section 493.109 - Books, Accounts, and Records; Maintenance, Preservation, and Availability; Audit; Cost. - Sec. 9. (1) A licensee shall maintain records relating to...

Section 493.110 - Maximum Interest; Computation; Fee; Offer of Loan or Credit in Connection With Other Accounts, Services, or Similar Agreements; Prohibited Conditions. - Sec. 10. (1) On a loan made or credit extended...

Section 493.111 - Truth in Lending Act; Disclosures, Information, and Notices; Applicability. - Sec. 11. (1) A licensee shall make or give to...

Section 493.112 - Wilful and Intentional Violation as Misdemeanor; Conduct Barring Recovery and Entitling Consumer to Attorney Fees and Court Costs; Authorized Actions. - Sec. 12. (1) Any licensee who wilfully and intentionally violates...

Section 493.113 - Rules. - Sec. 13. The commissioner may promulgate rules pursuant to the...

Section 493.114 - Exemptions; Credit Card or Charge Card Issued Prior to Effective Date of Act. - Sec. 14. (1) A state or national bank, state or...

Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)

Section 493.131 - Short Title. - Sec. 1. This act shall be known and may be...

Section 493.133 - Definitions. - Sec. 3. As used in this act: (a) "Commissioner" means...

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. - Sec. 5. (1) Unless specifically exempted under subsection (2), beginning...

Section 493.135a - Registered Mortgage Loan Originator; Temporary Authority; Requirements; Time Period; "State" Defined. - Sec. 5a. (1) An individual who is a registered mortgage...

Section 493.135b - Out of State License; Temporary Authority; Requirements; Time Period; "State" Defined. - Sec. 5b. (1) An individual who is a mortgage loan...

Section 493.135c - Temporary Authority; Subject to Laws of This State. - Sec. 5c. With respect to the temporary authority authorized under...

Section 493.137 - Application; Form; Fee; Criminal History Check; Relationships or Contracts With Nationwide Mortgage Licensing System and Registry; Furnishing Certain Information; Use. - Sec. 7. (1) An applicant for a license under this...

Section 493.139 - Issuance of Mortgage Loan Originator License; Findings; Conviction. - Sec. 9. (1) The commissioner shall not issue a mortgage...

Section 493.141 - Prelicensing Education Requirements. - Sec. 11. (1) To meet the prelicensing education requirement under...

Section 493.143 - Qualified Written Test. - Sec. 13. (1) To meet the written test requirement under...

Section 493.145 - Annual Renewal; Expiration; Reinstatement. - Sec. 15. (1) The commissioner shall annually renew the license...

Section 493.147 - Continuing Education Requirements. - Sec. 17. (1) To meet the annual continuing education requirements...

Section 493.149 - Fees; Reports; Penalties; Deposit of Money in Mblsla Fund; Limitation on Fee Levels. - Sec. 19. (1) At the time of making an initial...

Section 493.151 - Mortgage Loan Originators; License and Registration Through Nationwide Mortgage Licensing System and Registry; Rules. - Sec. 21. In addition to any other duties imposed on...

Section 493.153 - Process for Challenging Information Entered. - Sec. 23. The commissioner shall establish a process through which...

Section 493.155 - Powers of Commissioner; Finding of Violation or Noncompliance; Fine. - Sec. 25. (1) To ensure the effective supervision and enforcement...

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 Princ... - Sec. 27. (1) If in the opinion of the commissioner...

Section 493.159 - Surety Bond. - Sec. 29. (1) Subject to subsection (2), each mortgage loan...

Section 493.161 - Privacy or Confidentiality of Information or Material. - Sec. 31. (1) Except as otherwise provided in section 1512...

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 Inv... - Sec. 33. (1) In addition to any authority provided under...

Section 493.165 - Licensed Mortgage Loan Originator; Prohibited Conduct. - Sec. 35. A licensed mortgage loan originator shall not do...

Section 493.167 - Reports of Condition. - Sec. 37. A licensed mortgage loan originator, or employer or...

Section 493.169 - Report of Violations; Rules. - Sec. 39. (1) Subject to section 31, the commissioner shall...

Section 493.171 - Unique Identifier of Originator of Residential Mortgage Loan. - Sec. 41. The unique identifier of any person originating a...

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Michigan Compiled Laws Chapter 493 - Regulatory Loans

Michigan Compiled Laws
Chapter 493 - Regulatory Loans