Sec. 14.
All of the following shall apply to an investigation conducted under section 13:
(a) The employees or agents of the office of financial and insurance regulation shall complete the investigation within a reasonable period of time.
(b) If the investigation does not disclose evidence of a violation of this act or a rule promulgated or an order issued under this act, the commissioner shall not use the complaint in any subsequent decision to issue, renew, suspend, or revoke the license or suspend or revoke the registration of the person against which the complaint was filed. The commissioner shall forward the results of the investigation to the complainant and the person against whom the complaint was filed.
(c) In addition to any other action authorized by law, if the investigation discloses evidence of a violation of this act or a rule promulgated or an order issued under this act, the commissioner or the attorney general may prepare a formal complaint to be served on the person against which the allegations are made and shall provide a copy of the formal complaint to the complainant.
History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 ;-- Am. 2008, Act 63, Imd. Eff. Apr. 3, 2008 ;-- Am. 2009, Act 76, Eff. July 31, 2010 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Section 445.1652a-445.1652c - Repealed. 2009, Act 76, Eff.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.