Sec. 15.
(1) The laws of this state relating to the brokering, making, servicing, and collecting of mortgage loans prescribe rules of conduct upon citizens generally, comprise a comprehensive regulatory framework intended to operate uniformly throughout the state under the same circumstances and conditions, and constitute general laws of this state.
(2) Silence in the statutes of this state with respect to any act or practice in the brokering, making, servicing, or collecting of mortgage loans shall not be interpreted to mean that the state has not completely occupied the field or has only set minimum standards in its regulation of brokering, making, servicing, or collecting of mortgage loans.
(3) It is the intent of the legislature to entirely preempt municipal corporations and other political subdivisions from the regulation and licensing of persons engaged in the brokering, making, servicing, or collecting of mortgage loans in this state.
History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
Structure Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)
Section 445.1631 - Short Title.
Section 445.1632 - Definitions.
Section 445.1633 - Compliance With State and Federal Laws.
Section 445.1634 - Person Making Mortgage Loan; Prohibited Conduct.
Section 445.1635 - Mortgage Loan With Term Less Than 5 Years; Payment Schedule.
Section 445.1636 - Federal Special Information Booklet; Document to Be Prepared by Department.
Section 445.1637 - Repealed. 2016, Act 44, Eff. June 13, 2016.
Section 445.1638 - Examinations and Investigations by Commissioner.
Section 445.1639 - Violation of Act.
Section 445.1640 - Action by Attorney General or Prosecuting Attorney.
Section 445.1641 - Unintentional and Bona Fide Error.
Section 445.1642 - Enforcement Not Limited.
Section 445.1643 - Model Programs for Financial Education.
Section 445.1644 - Municipal Actions; Statutory Conflict; Preemption; Severability.