Michigan Compiled Laws
Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)
Section 493.69 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.

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 493.52 - Broker, Lender, or Servicer; License or Registration Required; Exemption; Use of Name or Assumed Name.

Section 493.52a-493.52d - Repealed. 2009, Act 77, Eff.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 493.54 - Fees.

Section 493.55 - Investigation; Issuance or Refusal to Issue License.

Section 493.56 - License or Registration; Filing Application or Renewal; Bond or Letter of Credit; Claims Filed Against Proof of Financial Responsibility; Maintenance of Net Worth; Determination; Assets Excluded From Computation.

Section 493.56a - Registration or License; Expiration; Renewal; Filing Financial Statement; Exemption; Fees; Failure to Submit Reports or Fees; Disposition of Money Received; "Mblsla Fund" Defined; Limitation on Fees; Annual Report; Additional Report...

Section 493.56b - Powers of Commissioner.

Section 493.57 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.

Section 493.58 - Summary Suspension of License or Registration; Order; Affidavit; Service; Filing Request for Hearing; Duration of License Suspension; Record.

Section 493.59 - Order in Addition to Other Legal Actions.

Section 493.60 - Complaint; Forwarding to Licensee or Registrant; Response; Investigation or Administrative Action.

Section 493.61 - Suspension, Revocation, or Refusal to Issue or Renew License or Registration; Notice; Hearing; Findings; Facts or Conditions; Surrender of License or Registration; Preexisting Contract Not Affected; Lost or Destroyed License or Regis...

Section 493.62 - Contracts or Commitments Made Prior to Suspension or Revocation.

Section 493.62a - Conservator; Appointment; Reimbursement of Expenses; Powers; Termination; Disposition of Compensation and Expenses; Disbursement of Funds and Interest.

Section 493.63 - Duration of License or Registration; Reinstatement of Suspended License or Registration; Issuing New License or Registration; Consent Required for Transfer or Assignment; Requirements for Transfer.

Section 493.64 - Order to Cease and Desist; Issuance; Conditions; Notice; Hearing; Failure to Appear as Consent; Service or Order; Effective Date and Enforcement.

Section 493.64a - Fraud.

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 493.65 - Subpoena of Witnesses and Evidence; Oaths and Affirmations; Certain Conduct as Misdemeanor.

Section 493.66 - Failure to Testify or Comply With Subpoena; Court Order; Contempt.

Section 493.67 - Maintaining Records Relating to Conduct of Business; Availability; Statement of Borrower's Account; Ledger History; Obligation of Servicer; Fee Prohibited.

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 493.72 - Charges and Fees Includable in Principal; Interest Authorized by Law; Sale of Insurance; Hazard Insurance; Charges Permitted by Federal Lending Program.

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 493.77 - Violation of Act; Making Secondary Mortgage Loans Without License as Misdemeanor; Penalty; Civil Fine; Actions.

Section 493.78 - Rules.

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.

Section 493.81 - Powers and Duties of Attorney General.