Sec. 3.
(1) An application for, or renewal of, a license shall be made in writing to the commissioner on a form prescribed by the commissioner. If the commissioner determines after investigation that the experience, character, business reputation, and general fitness of the applicant and its officers, directors, shareholders, partners, and affiliates command the confidence of the public and warrant the belief that the applicant and its officers, directors, shareholders, partners, and affiliates will comply with the law and that grounds for revoking, suspending, or denying a license under this act do not exist, the commissioner shall issue a license to, or renew the license of, the applicant to act as a mortgage broker, mortgage lender, or mortgage servicer.
(2) A license issued under this section does not approve the use of or indemnify the licensee against claims for the improper use of the business name stated in the license.
History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 ;-- Am. 1996, Act 210, Imd. Eff. May 22, 1996 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
Structure 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.
Section 445.1651a - Definitions.
Section 445.1652a-445.1652c - Repealed. 2009, Act 76, Eff. July 31, 2010.
Section 445.1654 - Proof of Financial Responsibility.
Section 445.1655 - Minimum Net Worth.
Section 445.1659 - Transfer or Assignment of License or Registration.
Section 445.1661 - Powers of Commissioner Generally.
Section 445.1663 - Complaint; Investigation; Federal Regulatory Authority.
Section 445.1664 - Provisions Applicable to Investigation.
Section 445.1666 - Cease and Desist Order; Hearing; Violation; Injunction.
Section 445.1667 - Remedies Cumulative.
Section 445.1668a - Fraud; Prohibition; Notice; Hearing; Order.
Section 445.1668b - Hearing; Final Decision; Judicial Review; Effect of Review on Order.
Section 445.1668c - Enforcement of Order; Jurisdiction.
Section 445.1668d - Violation as Misdemeanor; Penalty.
Section 445.1668e - Violation of Order; Exceptions.
Section 445.1672 - Violations Generally.
Section 445.1672a - Mortgage Loans; Prohibited Advertising.
Section 445.1672b - Repealed. 2009, Act 76, Eff. July 31, 2010.
Section 445.1673 - Reasonable and Necessary Charges; Terms and Conditions of Guarantee.
Section 445.1674 - Annual Statement and Ledger History of Borrower's Account; Fee Prohibited.
Section 445.1675 - Applicability of Act.
Section 445.1675a - Exemptions; Filing Affidavit; Failure to Meet Qualifications.
Section 445.1676 - Laws to Which Mortgage Loan Subject.
Section 445.1678 - Civil or Criminal Liability.
Section 445.1680 - Effect of Noncompliance on Validity or Enforceability of Mortgage Loan.
Section 445.1681 - Action to Obtain Declaratory Judgment, Injunction, or Actual Damages; Limitation.
Section 445.1682 - Conservatorship.
Section 445.1684 - Claims Filed Against Proof of Financial Responsibility.