Michigan Compiled Laws
Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)
Section 493.73 - Instrument Evidencing or Securing Secondary Mortgage; Contents.

Sec. 23.
An instrument evidencing or securing a secondary mortgage loan shall not contain any of the following:
(a) A power of attorney to confess judgment.
(b) A provision by which the debtor waives rights accruing under this act, any federal law, or law of this state.
(c) An assignment of or order for the payment of all or part of salary, wages, commissions, or other compensation for services earned or to be earned.
(d) A provision to compel, encourage, or induce a borrower to incorporate to evade the provisions of this act.
(e) A provision by which a debtor agrees to pay damages absent a judgment by a court.
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 ActAdmin Rule: R 493.101 et seq. of the Michigan Administrative Code.

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Structure Michigan Compiled Laws

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Section 493.52a-493.52d - Repealed. 2009, Act 77, Eff.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