Michigan Laws 493.56b – Powers of commissioner
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Terms Used In Michigan Laws 493.56b
- Broker: means a person who, directly or indirectly, does 1 or both of the following:
(i) Serves or offers to serve as an agent for a person attempting to obtain a secondary mortgage loan. See Michigan Laws 493.51Commissioner: means the commissioner of the office of financial and insurance regulation of the department of energy, labor, and economic growth or his or her authorized representatives. See Michigan Laws 493.51 Control person: means a director or executive officer of a licensee or registrant 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 or registrant. See Michigan Laws 493.51 Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Lender: means a person who, directly or indirectly, makes or offers to make secondary mortgage loans. See Michigan Laws 493.51 Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.51 Person: means an individual, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 493.51 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Registrant: means a person that is registered or required to register as a broker, lender, or servicer under this act. See Michigan Laws 493.51 Servicer: means a person who, directly or indirectly, services or offers to service secondary mortgage loans. See Michigan Laws 493.51 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 Subpoena: A command to a witness to appear and give testimony.
(1) The commissioner shall exercise general supervision and control over brokers, lenders, and servicers doing business in this state.
(2) In addition to the other powers granted by this act, the commissioner may do any of the following:
(a) Deny an application for a license or registration.
(b) Conduct examinations and investigations of any person, as necessary to enforce this act and the rules promulgated under this act.
(c) Investigate complaints filed against licensees or registrants.
(d) Advise the attorney general or the prosecuting attorney of a county in which a broker, lender, or servicer is conducting business that the commissioner believes a licensee, registrant, or other person is violating this act. The attorney general or prosecuting attorney shall bring a legal action to enjoin the operation of the business of the broker, lender, or servicer or prosecute violations of this act.
(e) Bring an action in the Ingham county circuit court to enjoin a person from participating in, continuing to practice, or from engaging in a practice that is an unsafe or injurious practice or that violates this act or a rule promulgated under this act.
(f) Order a person to cease and desist from a violation of this act or a rule promulgated under this act under section 14.
(g) Suspend, revoke, or refuse to issue a license or registration under section 11.
(h) Assess a civil fine under section 27.
(i) Appoint a conservator under section 12a.
(j) Issue an order to prohibit a person from being employed by, an agent of, or control person of, a licensee or registrant under section 14a.
(k) Censure a licensee or registrant.
(3) In the conduct of any examination or investigation under this act, the commissioner may do any of the following:
(a) Issue a subpoena under section 15.
(b) Administer oaths under section 15.
(c) Interrogate a person under oath concerning the business and conduct of affairs of a person subject to this act, and require the production of books, records, or papers relative to the inquiry.
(d) Have free access during regular business hours to the offices, places of business, or other location where the licensee, registrant, or an affiliate of a licensee or registrant, maintains business-related documents, and to the books, accounts, papers, records, files, documents, safes, and vaults of a licensee or registrant. The information obtained during the examination or investigation is exempt from the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246, and shall not be available for public inspection or copying or divulged to any person except as follows:
(i) To the attorney general.
(ii) To a regulatory agency.
(iii) In connection with an enforcement action brought under this or another applicable act.
(iv) To law enforcement officials.
(v) To persons authorized by the Ingham county circuit court to receive the information.
(e) Employ independent investigators to conduct a part or all of an investigation, in the case of an investigation other than an examination.