Michigan Laws 493.55 – Investigation; issuance or refusal to issue license
Current as of: 2024 | Check for updates
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(1) Upon the filing of an application for a license and the payment of the required fees and the filing of proof of financial responsibility as the commissioner requires, the commissioner shall investigate the facts. If the commissioner finds that the financial responsibility, experience, character, and general fitness of the applicant for a license, and, as applicable, the applicant’s shareholders, directors, officers, partners, members, and trustees command the confidence of the community and warrant the belief that the business will be operated lawfully, honestly, fairly, and efficiently as required by this act, the commissioner shall issue to the applicant a license to engage in the business of brokering, making, or servicing secondary mortgage loans under this act.
(2) For an applicant for a registration, the commissioner shall approve the application if the commissioner finds that the applicant meets any 1 of the requirements of section 3a.
Terms Used In Michigan Laws 493.55
- Commissioner: means the commissioner of the office of financial and insurance regulation of the department of energy, labor, and economic growth or his or her authorized representatives. See Michigan Laws 493.51
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.51
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Registrant: means a person that is registered or required to register as a broker, lender, or servicer under this act. See Michigan Laws 493.51
(3) A license or registration issued under this section does not approve the use of, or indemnify the licensee or registrant against claims for the improper use of the business name stated in the license.
(4) The commissioner may refuse to issue a license for any reason for which the commissioner may suspend, revoke, or refuse to renew a license under section 11.