Michigan Laws 445.1675 – Applicability of act
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Terms Used In Michigan Laws 445.1675
- Affiliate: means a person or group of persons that directly or indirectly through 1 or more intermediaries controls, is controlled by, or is under common control with another person and engaged in a business or transaction regulated by this act. See Michigan Laws 445.1651a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Commissioner: means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs or his or her authorized agent. See Michigan Laws 445.1651a
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Depository financial institution: means a state or nationally chartered bank, a state or federally chartered savings and loan association, savings bank, or credit union, or an entity of the federally chartered farm credit system. See Michigan Laws 445.1651a
- Employee: means an individual who meets both of the following:
(i) Has an employment relationship acknowledged by that individual and the licensee or registrant that engages that individual to originate mortgage loans. See Michigan Laws 445.1651aFiduciary: A trustee, executor, or administrator. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC License: means a license issued under this act. See Michigan Laws 445.1651a Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage broker: means a person that, directly or indirectly, does 1 or both of the following:
(i) Serves or offers to serve as an agent for a person in an attempt to obtain a mortgage loan. See Michigan Laws 445.1651aMortgage lender: means a person that, directly or indirectly, makes or offers to make mortgage loans. See Michigan Laws 445.1651a Mortgage servicer: means a person that, directly or indirectly, services or offers to service mortgage loans. See Michigan Laws 445.1651a Person: means an individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1651a Real estate broker: means a broker or associate broker licensed under article 25 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 445.1651a Real estate salesperson: means a salesperson licensed under article 25 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 445.1651a Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
This act does not apply to any of the following:
(a) A depository financial institution whether or not the depository financial institution is acting in a capacity of a trustee or fiduciary.
(b) A salesperson acting as an agent for a residential builder or residential maintenance and alteration contractor, or a residential builder or residential maintenance and alteration contractor licensed under article 24 of the occupational code, 1980 PA 299, MCL 339.2401 to 339.2412, if a mortgage is made or negotiated in connection with the sale or financing of a residential structure or improvement constructed or improved by that residential builder or residential maintenance and alteration contractor.
(c) A real estate broker or real estate salesperson who is not a mortgage broker, mortgage lender, or mortgage servicer, or who only acts as a mortgage broker in connection with a real estate sale or lease and acts without additional compensation beyond the customary commission on the sales or leases.
(d) A real estate salesperson who acts for a real estate broker as a mortgage broker, mortgage lender, or mortgage servicer and who receives for the services compensation only from the real estate broker for which the salesperson is an agent or employee.
(e) A person licensed under the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, not making, brokering, or servicing mortgage loans as described in this act in a 12-month period from January 1 to December 31.
(f) Agencies or corporate instrumentalities of the United States and of this state and its political subdivisions, including the public employees’ retirement system.
(g) A mortgage lender that in the aggregate with any affiliates makes 10 or fewer mortgage loans in a 12-month period from January 1 to December 31.
(h) A mortgage servicer that in the aggregate with any affiliates services 10 or fewer mortgage loans in a 12-month period from January 1 to December 31.
(i) A mortgage servicer that in the aggregate with any affiliates services only 75 or fewer land contracts, of which 10 or fewer require the collection of money for the payment of taxes or insurance. This subdivision and subdivision (h) do not exempt a mortgage servicer who collects money for the payment of taxes or insurance from the provisions of 1966 PA 125, MCL 565.161 to 565.164. All fees shall be returned to any mortgage servicer described in this subdivision who applied for a license and paid the fees required by this act and who on December 27, 1988 is exempted from licensing.
(j) An individual licensed to practice law in this state and not engaged in the business of negotiating loans secured by real property, if the individual renders services in the course of his or her practice as an attorney-at-law.
(k) A person who makes mortgage loans exclusively for the benefit of employees of that person if the proceeds of the loan are used to assist the employee in meeting his or her housing needs.
(l) A person acting as a fiduciary with respect to any employee pension benefit plan qualified under the internal revenue code who makes mortgage loans solely to plan participants from plan assets.
(m) A mortgage broker, mortgage lender, or a mortgage servicer that is a subsidiary or affiliate of a depository financial institution or a subsidiary or affiliate of a holding company of a depository financial institution, if the depository financial institution maintains its main office or a branch office in this state.
(n) A nonprofit corporation that makes, brokers, or services mortgage loans in connection with a neighborhood housing program assisted under the neighborhood reinvestment corporation act, 42 USC 8101 to 8107.
(o) A person determined by the commissioner to meet the qualifications established under section 25a.