SENATE BILL No. 831

October 16, 2007, Introduced by Senators OLSHOVE, RICHARDVILLE, ANDERSON, SANBORN, KAHN, GLEASON, SCHAUER, BIRKHOLZ, STAMAS, CLARKE, BROWN, CASSIS and HUNTER and referred to the Committee on Banking and Financial Institutions.

     A bill to amend 1987 PA 173, entitled

"Mortgage brokers, lenders, and servicers licensing act,"

by amending section 10 (MCL 445.1660), as amended by 1996 PA 210.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 10. (1) A licensee, or registrant, or loan officer

registrant may surrender a license, or registration, or loan

officer registration by delivering to the commissioner the license,

or registration, or loan officer registration with written notice

that the licensee, or registrant, or loan officer registrant

surrenders the license, or registration, or loan officer

registration. The surrender, revocation, or suspension of a

license, or registration, or loan officer registration under this

act shall does not affect the licensee's, or registrant's, or loan

officer registrant's civil or criminal liability for acts committed

prior to before the surrender, revocation, or suspension. The

surrender of a license, or registration, or loan officer

registration does not affect a proceeding to suspend or revoke a

license, or registration, or loan officer registration.

     (2) Except as otherwise provided by law, a revocation,

suspension, or surrender of a license, or registration, or loan

officer registration shall does not impair or affect the obligation

of a preexisting contract between the licensee, or registrant, or

loan officer registrant and another person.

     (3) A licensee, or registrant, or loan officer registrant

whose license, or registration, or loan officer registration has

been destroyed or lost may comply with this section by submitting

to the commissioner a notarized affidavit of the loss accompanied

by written notice that the licensee, or registrant, or loan officer

registrant surrenders the license, or registration, or loan officer

registration.

     Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 94th Legislature are

enacted into law:

     (a) Senate Bill No. 828.                                   

     (b) Senate Bill No. 826.                                   

     (c) House Bill No. 5288.          

     (d) Senate Bill No. 829.                                  

     (e) House Bill No. 5289.            

     (f) Senate Bill No. 830.                                  

     (g) House Bill No. 5287.           

     (h) House Bill No. 5290.           

     (i) House Bill No. 5291.           

     (j) Senate Bill No. 833.                                   

     (k) Senate Bill No. 832.