Michigan Compiled Laws
Chapter 493 - Regulatory Loans
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...