Michigan Compiled Laws
Chapter 493 - Regulatory Loans
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Section 493.52a-493.52d - Repealed. 2009, Act 77, Eff.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 - Compiler's Notes: The repealed sections pertained to performance of sevices...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Section 493.57 - Repealed. 1997, Act 91, Imd.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 - Compiler's Notes: The repealed section pertained to duties of commissioner...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...