Michigan Compiled Laws
Act 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)
Section 445.1680 - Effect of Noncompliance on Validity or Enforceability of Mortgage Loan.

Sec. 30.
Failure to comply with the provisions of this act shall not affect the validity or enforceability of any mortgage loan, unless the mortgage loan is invalid or unenforceable under the provisions of any other laws of this state or under any federal law.
History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 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.

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Section 445.1652a-445.1652c - Repealed. 2009, Act 76, Eff.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