Michigan Laws 493.145 – Annual renewal; expiration; reinstatement
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Terms Used In Michigan Laws 493.145
- Commissioner: means the director. See Michigan Laws 493.133
- 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
(1) The commissioner shall annually renew the license of a licensed mortgage loan originator if all of the following are met before his or her current license expires:
(a) The mortgage loan originator continues to meet the requirements for license issuance under section 9(1)(a) to (g).
(b) The mortgage loan originator has satisfied the annual continuing education requirements described in section 17.
(c) The mortgage loan originator has paid the fee required under section 19.
(2) If a mortgage loan originator fails to satisfy the requirements of subsection (1) for renewal of his or her license, the license shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.