Michigan Compiled Laws
Act 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)
Section 445.1668e - Violation of Order; Exceptions.

Sec. 18e.
A control person who is subject to an order issued under section 18a and who meets all of the following requirements is not in violation of the order:
(a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or registrant after the date the order is issued.
(b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee or registrant to an unrelated third party.
History: Add. 2002, Act 391, Imd. Eff. May 30, 2002

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Structure Michigan Compiled Laws

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 445.1652 - Mortgage Broker, Mortgage Lender, or Mortgage Servicer; License or Registration Required; Exemption; Application; Compensation or Other Remuneration; Words Contained in Name or Assumed Name; "Employee" Defined.

Section 445.1652a-445.1652c - Repealed. 2009, Act 76, Eff. July 31, 2010.

Section 445.1653 - License or Renewal; Application; Form; Investigation; Determination; Issuance; Indemnification.

Section 445.1654 - Proof of Financial Responsibility.

Section 445.1655 - Minimum Net Worth.

Section 445.1656 - Registration Required; Applicability of Certain Provisions; Licensing or Registration of Real Estate Broker or Salesperson; Improper Use of Business Name.

Section 445.1657 - Expiration of Registration or License; Renewal; Application; Fee; Limitation; Financial Statement.

Section 445.1658 - Payment for Investigation and Annual Operating Fees; Establishment of Annual Fee Schedule; Limitation; Fees Nonrefundable; Action for Delinquent Payment; Licensee or Registrant Report; Penalties; Establishment and Administration of...

Section 445.1659 - Transfer or Assignment of License or Registration.

Section 445.1660 - Surrender, Revocation, or Suspension of License or Registration; Loss or Destruction; Affidavit.

Section 445.1661 - Powers of Commissioner Generally.

Section 445.1662 - Notice of Intention to Enter Order of License or Registration, Suspension or Revocation, or Refusal to Issue License; Hearing; Final Order.

Section 445.1663 - Complaint; Investigation; Federal Regulatory Authority.

Section 445.1664 - Provisions Applicable to Investigation.

Section 445.1665 - Summary Suspension of License or Registration; Order; Affidavit; Dissolution of Summary Suspension Order; Record.

Section 445.1666 - Cease and Desist Order; Hearing; Violation; Injunction.

Section 445.1667 - Remedies Cumulative.

Section 445.1668 - Notice of Hearing on Complaint; Service; Informal Conference; Settlement; Compliance; Hearing.

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 445.1669 - Continuing to Service Mortgage Loan or Making Mortgage After Suspension or Revocation of License or Registration; Termination of Commitment; Refund.

Section 445.1670 - Powers of Commissioner in Conducting Examination or Investigation; Conduct of Person Subpoenaed as Misdemeanor; Conduct of Investigation.

Section 445.1671 - Books, Accounts, Records, and Documents; Preservation and Examination; Reports; False Statement as Felony; Penalty.

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 445.1677 - Period Within Which to File Application for License and Proof of Financial Responsibility, to Pay Fees, or to Register.

Section 445.1678 - Civil or Criminal Liability.

Section 445.1679 - Prohibited Conduct; Misdemeanor; Penalty; Violation of Act or Rules; Civil Fine; Suspension or Revocation of License or Registration; Refusal to Issue or Renew License or Registration; Restitution; Proceedings Subject to MCL 24.201...

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 445.1683 - Mortgage Industry Advisory Board; Creation; Requirements; Communication of Issues to Commissioner; Recommendations.

Section 445.1684 - Claims Filed Against Proof of Financial Responsibility.