Michigan Compiled Laws
Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)
Section 493.131 - Short Title.

Sec. 1.
This act shall be known and may be cited as the "mortgage loan originator licensing act".
History: 2009, Act 75, Eff. July 31, 2009

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 493 - Regulatory Loans

Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)

Section 493.131 - Short Title.

Section 493.133 - Definitions.

Section 493.135 - Engaging in Business of Mortgage Loan Originator; License Required; Exemptions; Independent Contractor Loan Processor or Underwriter; Establishment of Licensing Rules and Interim Procedures.

Section 493.135a - Registered Mortgage Loan Originator; Temporary Authority; Requirements; Time Period; "State" Defined.

Section 493.135b - Out of State License; Temporary Authority; Requirements; Time Period; "State" Defined.

Section 493.135c - Temporary Authority; Subject to Laws of This State.

Section 493.137 - Application; Form; Fee; Criminal History Check; Relationships or Contracts With Nationwide Mortgage Licensing System and Registry; Furnishing Certain Information; Use.

Section 493.139 - Issuance of Mortgage Loan Originator License; Findings; Conviction.

Section 493.141 - Prelicensing Education Requirements.

Section 493.143 - Qualified Written Test.

Section 493.145 - Annual Renewal; Expiration; Reinstatement.

Section 493.147 - Continuing Education Requirements.

Section 493.149 - Fees; Reports; Penalties; Deposit of Money in Mblsla Fund; Limitation on Fee Levels.

Section 493.151 - Mortgage Loan Originators; License and Registration Through Nationwide Mortgage Licensing System and Registry; Rules.

Section 493.153 - Process for Challenging Information Entered.

Section 493.155 - Powers of Commissioner; Finding of Violation or Noncompliance; Fine.

Section 493.157 - Fraud; Notice of Intent to Prohibit Licensure; Contents; Hearing; Order; Service; Application to Terminate Order; Imminent Threat of Financial Loss to Customers; Conviction of Felony; Mailing of Notice or Issued to Employer or Princ...

Section 493.159 - Surety Bond.

Section 493.161 - Privacy or Confidentiality of Information or Material.

Section 493.163 - Investigations and Examinations; Access to Books and Records; Reports; Control of Access to Documents or Records; Duties and Authority of Commissioner; Prohibited Conduct by Licensed Mortgage Loan Originator or Person Subject to Inv...

Section 493.165 - Licensed Mortgage Loan Originator; Prohibited Conduct.

Section 493.167 - Reports of Condition.

Section 493.169 - Report of Violations; Rules.

Section 493.171 - Unique Identifier of Originator of Residential Mortgage Loan.