Michigan Laws 487.2066a – Licensee engaged in loan servicing activities; appointment of conservator or receiver
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Terms Used In Michigan Laws 487.2066a
- Commissioner: means the commissioner of the office of financial and insurance services or an authorized representative of the commissioner. 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.
If the commissioner determines that a licensee engaging in loan servicing activities, intentionally or as a result of gross or wanton negligence, is not servicing, as applicable, mortgage loans or secondary mortgage loans as required by law or by the terms of the servicing contracts, the commissioner may appoint a conservator for the licensee and require the conservator to provide a bond or security as the commissioner considers necessary. Alternatively, the commissioner, through the attorney general, may apply to the circuit court for the county in which the licensee is located for the appointment of a receiver for the licensee.