Michigan Laws 493.139 – Issuance of mortgage loan originator license; findings; conviction
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Terms Used In Michigan Laws 493.139
- Commissioner: means the director. See Michigan Laws 493.133
- Conviction: A judgement of guilt against a criminal defendant.
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Financial licensing acts: means that term as defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 493.133
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who originates residential mortgage loans and meets all of the following:
(i) Is not an individual engaged solely as a loan processor or underwriter except as otherwise provided in section 5(3). See Michigan Laws 493.133Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Michigan Laws 493.133 Sponsor: means a person that meets all of the following:
(i) Has a unique identifier in the nationwide mortgage licensing system and registry. See Michigan Laws 493.133
(1) The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings:
(a) The applicant is not subject to a prohibition order issued by the commissioner under section 27 or under any of the financial licensing acts.
(b) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that the commissioner shall not consider a revocation that is formally vacated as a revocation for purposes of this subdivision.
(c) Subject to subsection (2), the applicant has not been convicted of, or pled guilty or no contest to, any of the following in a domestic, foreign, or military court:
(i) Within the 10-year period preceding the date of the license application, a felony other than a felony described in subparagraph (ii).
(ii) At any time preceding the date of the license application, any felony or misdemeanor involving fraud, dishonesty, or a breach of trust, money laundering, embezzlement, forgery, a financial transaction, or securities.
(d) The applicant has demonstrated financial responsibility, character, and general fitness that commands the confidence of the community and warrants a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this act.
(e) The applicant has completed the prelicensing education requirement described in section 11.
(f) The applicant has passed a written test that meets the test requirement described in section 13.
(g) The applicant has met the surety bond requirement described in section 29.
(h) The applicant has a sponsor in the nationwide mortgage licensing system and registry that is approved by the commissioner.
(2) The commissioner shall not consider a conviction for which a pardon was granted a conviction for purposes of subsection (1)(c).