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Document Type(s): MCLs
Public Act Number: 77
Public Act Year: 2009
(11 results found)
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Document Type Description
Act 125 of 1981 Statute THE SECONDARY MORTGAGE LOAN ACT (493.51 - 493.81)
Section 493.51 Section Short title; definitions.
Section 493.52 Section Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name.
Section 493.56 Section 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 Section 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 reports; false statement as felony.
Section 493.56b Section Powers of commissioner.
Section 493.61 Section 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 registration certificate.
Section 493.63 Section 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 493.70 Section Making or offering to make secondary mortgage loan; terms and conditions.
Section 493.72 Section Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program.
Section 493.77 Section Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions.