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Public Act Number: 91
Public Act Year: 1997
Document Type(s): MCLs
(32 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 493.53 Section Application for license or registration; form and contents.
Section 493.53a Section Broker, lender, or servicer; registration with commissioner; form.
Section 493.54 Section Fees.
Section 493.55 Section Investigation; issuance or refusal to issue license.
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 493.58 Section Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record.
Section 493.59 Section Order in addition to other legal actions.
Section 493.60 Section Complaint; forwarding to licensee or registrant; response; investigation or administrative action.
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 493.62 Section Contracts or commitments made prior to suspension or revocation.
Section 493.62a Section Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest.
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 493.64 Section Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement.
Section 493.65 Section Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor.
Section 493.67 Section Maintaining records relating to conduct of business; availability; statement of borrower's account; ledger history; obligation of servicer; fee prohibited.
Section 493.68 Section Documents; preservation; other books, accounts, records, and documents.
Section 493.70 Section Making or offering to make secondary mortgage loan; terms and conditions.
Section 493.71 Section Interest rate; limitation; computation; prepaid finance charge or fee.
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 493.73 Section Instrument evidencing or securing secondary mortgage; contents.
Section 493.74 Section Licensee or registrant; prohibited conduct.
Section 493.75 Section Violation of consumer credit protection act as violation of act.
Section 493.76 Section Advertising; prohibited conduct.
Section 493.77 Section Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions.
Section 493.78 Section Rules.
Section 493.79 Section Construction of act; applicability.
Section 493.80 Section Persons permitted to make secondary mortgage loans.