Sec. 12.
(1) This act does not prevent a person whose license or registration has been suspended or revoked from continuing to service secondary mortgage loans under servicing contracts in existence at the time of the suspension for a period not to exceed 6 months after the date of the entry of the final decision in the contested case suspending or revoking the license or registration.
(2) In the event of a summary suspension or revocation, the commissioner shall have discretion to order the licensee or registrant to cease all activities including the servicing of secondary mortgage loans and the closing of secondary mortgage loans under any commitments to make secondary mortgage loans issued by a person prior to the suspension or revocation.
(3) For an administrative action other than a summary suspension or revocation, this act does not prevent a person whose license or registration has been suspended or revoked from making a secondary mortgage loan under a commitment to make a secondary mortgage loan issued by the person prior to the suspension or revocation. A person who received a commitment issued by a person whose license or registration has been suspended or revoked may, prior to closing the loan, terminate the commitment and receive a refund of all money paid to the person.
History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 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.Popular Name: Secondary Mortgage Loan Act
Structure Michigan Compiled Laws
Chapter 493 - Regulatory Loans
Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)
Section 493.51 - Short Title; Definitions.
Section 493.52a-493.52d - Repealed. 2009, Act 77, Eff. July 31, 2010.
Section 493.53 - Application for License or Registration; Form and Contents.
Section 493.53a - Broker, Lender, or Servicer; Registration With Commissioner; Form.
Section 493.55 - Investigation; Issuance or Refusal to Issue License.
Section 493.56b - Powers of Commissioner.
Section 493.57 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
Section 493.59 - Order in Addition to Other Legal Actions.
Section 493.62 - Contracts or Commitments Made Prior to Suspension or Revocation.
Section 493.64b - Hearing; Final Decision; Judicial Review; Stay of Commissioner's Order.
Section 493.64c - Enforcement of Order; Jurisdiction.
Section 493.64d - Violation as Misdemeanor; Penalty.
Section 493.64e - Violation of Order; Exceptions.
Section 493.66 - Failure to Testify or Comply With Subpoena; Court Order; Contempt.
Section 493.68 - Documents; Preservation; Other Books, Accounts, Records, and Documents.
Section 493.69 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
Section 493.70 - Making or Offering to Make Secondary Mortgage Loan; Terms and Conditions.
Section 493.71 - Interest Rate; Limitation; Computation; Prepaid Finance Charge or Fee.
Section 493.73 - Instrument Evidencing or Securing Secondary Mortgage; Contents.
Section 493.74 - Licensee or Registrant; Prohibited Conduct.
Section 493.75 - Violation of Consumer Credit Protection Act as Violation of Act.
Section 493.76 - Advertising; Prohibited Conduct.
Section 493.76a - Repealed. 2009. Act 77, Eff. July 31, 2010.
Section 493.79 - Construction of Act; Applicability.
Section 493.79a - Applicability of Act to Nonprofit Corporation.
Section 493.80 - Persons Permitted to Make Secondary Mortgage Loans.