Michigan Compiled Laws Act 75 Of 2009 Mortgage Loan Originator Licensing Act (493.131 - 493.171)

AN ACT to provide for the licensing of mortgage loan originators; to regulate the business practices of mortgage loan originators; to establish certain obligations of employees and principals of mortgage loan originators; to prescribe the powers and duties of certain state agencies and officials; and to provide remedies and prescribe penalties.

History: 2009, Act 75, Eff. July 31, 2009

Section 493.131 Short Title.
This act shall be known and may be cited as the "mortgage loan originator licensing act". History: 2009, Act 75, Eff. July 31, 2009
Section 493.133 Definitions.
As used in this act: (a) "Commissioner" means the commissioner of the office of financial and insurance regulation in the department of licensing and...
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.
(1) Unless specifically exempted under subsection (2), beginning July 31, 2010, an individual shall not engage in the business of a mortgage loan originator...
Section 493.137 Application; Form; Fee; Criminal History Check; Relationships Or Contracts With Nationwide Mortgage Licensing System And Registry; Furnishing Certain Information; Use.
(1) An applicant for a license under this act shall apply in a form as prescribed by the commissioner. The applicant shall include with...
Section 493.139 Issuance Of Mortgage Loan Originator License; Findings; Conviction.
(1) The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings: (a) The applicant...
Section 493.141 Prelicensing Education Requirements.
(1) To meet the prelicensing education requirement under section 9(1)(e), except as provided in subsection (6), the applicant shall complete at least 20 hours...
Section 493.143 Qualified Written Test.
(1) To meet the written test requirement under section 9(1)(f), except as provided in subsection (5), an individual shall pass a qualified written test...
Section 493.145 Annual Renewal; Expiration; Reinstatement.
(1) The commissioner shall annually renew the license of a licensed mortgage loan originator if all of the following are met before his or...
Section 493.147 Continuing Education Requirements.
(1) To meet the annual continuing education requirements described in section 15(1)(b), a licensed mortgage loan originator shall complete at least 8 hours of...
Section 493.149 Fees; Reports; Penalties; Deposit Of Money In Mblsla Fund; Limitation On Fee Levels.
(1) At the time of making an initial application for a mortgage loan originator license under this act, the applicant shall pay to the...
Section 493.151 Mortgage Loan Originators; License And Registration Through Nationwide Mortgage Licensing System And Registry; Rules.
In addition to any other duties imposed on the commissioner under this act, the commissioner shall require mortgage loan originators to be licensed and...
Section 493.153 Process For Challenging Information Entered.
The commissioner shall establish a process through which mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by...
Section 493.155 Powers Of Commissioner; Finding Of Violation Or Noncompliance; Fine.
(1) To ensure the effective supervision and enforcement of this act, the commissioner may do any of the following, in a manner consistent with...
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 Principal; Decision; Judicial Review; Enforcement; Violation Of Final Order; "Fraud" Defined.
(1) If in the opinion of the commissioner an individual has engaged in fraud, the commissioner may serve on that person a written notice...
Section 493.159 Surety Bond.
(1) Subject to subsection (2), each mortgage loan originator must provide to the commissioner or be covered by a surety bond that meets the...
Section 493.161 Privacy Or Confidentiality Of Information Or Material.
(1) Except as otherwise provided in section 1512 of the SAFE act, 12 USC 1511, the requirements of the freedom of information act, 1976...
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 Investigation.
(1) In addition to any authority provided under this act, the commissioner may conduct any of the following investigations and examinations: (a) For purposes...
Section 493.165 Licensed Mortgage Loan Originator; Prohibited Conduct.
A licensed mortgage loan originator shall not do any of the following: (a) Engage in fraud, deceit, or material misrepresentation in connection with any...
Section 493.167 Reports Of Condition.
A licensed mortgage loan originator, or employer or principal of a licensed mortgage loan originator on his or her behalf, shall submit to the...
Section 493.169 Report Of Violations; Rules.
(1) Subject to section 31, the commissioner shall regularly report violations of this act, and enforcement actions and other relevant information, to the nationwide...
Section 493.171 Unique Identifier Of Originator Of Residential Mortgage Loan.
The unique identifier of any person originating a residential mortgage loan in this state shall be clearly shown on all residential mortgage loan application...

Last modified: October 10, 2016