Michigan Compiled Laws Act 660 Of 2002 Consumer Mortgage Protection Act (445.1631 - 445.1645)***** 445.1637 Please See The Compiler's Note Regarding Contact Information *****

• Section 445.1631 Short Title.
  This act shall be known and may be cited as the “consumer mortgage protection act”. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
• Section 445.1632 Definitions.
  As used in this act: (a) "Commissioner" means the commissioner of the office of financial and insurance regulation of the department of licensing and...
• Section 445.1633 Compliance With State And Federal Laws.
  A person shall broker, make, or service mortgage loans in accordance with all applicable state and federal laws. History: 2002, Act 660, Imd. Eff....
• Section 445.1634 Person Making Mortgage Loan; Prohibited Conduct.
  (1) A person offering to make or making a mortgage loan shall not do either of the following: (a) Charge a fee for a...
• Section 445.1635 Mortgage Loan With Term Less Than 5 Years; Payment Schedule.
  A mortgage loan with a term of less than 5 years shall not have a payment schedule with regular periodic payments that when aggregated...
• Section 445.1636 “borrowers Bill Of Rights” Document.
  At the time a person applies for a mortgage loan, the lender shall provide the applicant the following document: “BORROWERS BILL OF RIGHTS 1....
• Section 445.1637 Credit Counseling; Notice.
  445.1637 Credit counseling; notice. Sec. 7. At the time a person applies for a mortgage loan, the lender shall provide the applicant the following written...
• Section 445.1638 Examinations And Investigations By Commissioner.
  The commissioner may conduct examinations and investigations of a person over whom the commissioner has regulatory authority as necessary to determine whether the person...
• Section 445.1639 Violation Of Act.
  If the commissioner determines that a person is brokering, making, servicing, or collecting mortgage loans in violation of this act, the commissioner shall do...
• Section 445.1640 Action By Attorney General Or Prosecuting Attorney.
  The attorney general or the prosecuting attorney for the county where an alleged violation occurred may bring an action against a person to do...
• Section 445.1641 Unintentional And Bona Fide Error.
  (1) A person is not liable for a violation under section 10 if the person shows that the violation was an unintentional and bona...
• Section 445.1642 Enforcement Not Limited.
  This act does not limit the authority of the commissioner, the attorney general, or a county prosecutor to enforce any law under which a...
• Section 445.1643 Model Programs For Financial Education.
  (1) No later than December 31, 2003, the office of financial and insurance services shall develop and make available to local units of government,...
• Section 445.1644 Municipal Actions; Statutory Conflict; Preemption; Severability.
  (1) The federal government and state solely regulate the business of brokering, making, servicing, and collecting mortgage loans in this state and the manner...
• Section 445.1645 Standards; Uniformity; Preemption.
  (1) The laws of this state relating to the brokering, making, servicing, and collecting of mortgage loans prescribe rules of conduct upon citizens generally,...

Last modified: October 10, 2016