Michigan Laws 487.2052 – Definitions
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Terms Used In Michigan Laws 487.2052
- Commissioner: means the commissioner of the office of financial and insurance services or an authorized representative of the commissioner. See Michigan Laws 487.2052
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Executive officer: means an officer, member, or partner of a licensee, including chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position. See Michigan Laws 487.2052
- Financial licensing acts: means this act; the regulatory loan act, 1939 PA 21, MCL 493. See Michigan Laws 487.2052
- Licensee: means a person that is licensed under this act. See Michigan Laws 487.2052
- Loan servicing activities: means the collection or remittance for a lender, noteowner, noteholder, or the licensee's own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage servicing agreement or a mortgage loan subject to the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445. See Michigan Laws 487.2052
- 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
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, partnership, association, limited liability company, or any other legal entity. See Michigan Laws 487.2052
- 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
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Applicant” means a person that has applied to the commissioner to be licensed under this act.
(b) “Bureau” means the office of financial and insurance services of the department of labor and economic growth.
(c) “Business activity” means any activity regulated by any of the financial licensing acts.
(d) “Class I license” means a license issued under this act that authorizes the licensee to engage in all of the activities permitted under any of the financial licensing acts.
(e) “Class II license” means a license issued under this act that authorizes all of the activities permitted under a class I license except for activities permitted under the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, loan servicing activities under the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, or the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684.
(f) “Commissioner” means the commissioner of the office of financial and insurance services or an authorized representative of the commissioner.
(g) “Control person” means a director or executive officer of a licensee or a person who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee.
(h) “Depository financial institution” means a bank, savings and loan association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States, whose deposits are insured by an agency of the federal government.
(i) “Executive officer” means an officer, member, or partner of a licensee, including chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position.
(j) “Financial licensing acts” means this act; the regulatory loan act, 1939 PA 21, MCL 493.1 to 493.24; the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81; the motor vehicle sales finance act, 1950 (Ex Sess) PA 27, MCL 492.101 to 492.141; 1984 PA 379, MCL 493.101 to 493.114; the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916; the money transmission services act, MCL 487.1001 to 487.1048; and the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684.
(k) “Licensee” means a person that is licensed under this act.
(l) “Loan servicing activities” means the collection or remittance for a lender, noteowner, noteholder, or the licensee’s own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage servicing agreement or a mortgage loan subject to the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684, or a mortgage servicing agreement or secondary mortgage loan subject to the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, or an agreement with the mortgagor.
(m) “Person” means an individual, corporation, partnership, association, limited liability company, or any other legal entity.