§ 493.51 Short title; definitions
§ 493.52 Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name
§ 493.53 Application for license or registration; form and contents
§ 493.53a Broker, lender, or servicer; registration with commissioner; form
§ 493.54 Fees
§ 493.55 Investigation; issuance or refusal to issue license
§ 493.56 License or registration; filing application or renewal; bond or letter of credit; claims filed against proof of financial responsibility; maintenance of net worth; determination; assets excluded
§ 493.56a Registration or license; expiration; renewal; filing financial statement; exemption; fees; failure to submit reports or fees; disposition of money received; “MBLSLA fund” defined; limitation on f
§ 493.56b Powers of commissioner
§ 493.58 Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record
§ 493.59 Order in addition to other legal actions
§ 493.60 Complaint; forwarding to licensee or registrant; response; investigation or administrative action
§ 493.61 Suspension, revocation, or refusal to issue or renew license or registration; notice; hearing; findings; facts or conditions; surrender of license or registration; preexisting contract not affect
§ 493.62 Contracts or commitments made prior to suspension or revocation
§ 493.62a Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest
§ 493.63 Duration of license or registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfe
§ 493.64 Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement
§ 493.64a Fraud
§ 493.64b Hearing; final decision; judicial review; stay of commissioner’s order
§ 493.64c Enforcement of order; jurisdiction
§ 493.64d Violation as misdemeanor; penalty
§ 493.64e Violation of order; exceptions
§ 493.65 Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor
§ 493.66 Failure to testify or comply with subpoena; court order; contempt
§ 493.67 Maintaining records relating to conduct of business; availability; statement of borrower’s account; ledger history; obligation of servicer; fee prohibited
§ 493.68 Documents; preservation; other books, accounts, records, and documents
§ 493.70 Making or offering to make secondary mortgage loan; terms and conditions
§ 493.71 Interest rate; limitation; computation; prepaid finance charge or fee
§ 493.72 Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program
§ 493.73 Instrument evidencing or securing secondary mortgage; contents
§ 493.74 Licensee or registrant; prohibited conduct
§ 493.75 Violation of consumer credit protection act as violation of act
§ 493.76 Advertising; prohibited conduct
§ 493.77 Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions
§ 493.78 Rules
§ 493.79 Construction of act; applicability
§ 493.79a Applicability of act to nonprofit corporation
§ 493.80 Persons permitted to make secondary mortgage loans
§ 493.81 Powers and duties of attorney general
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Terms Used In Michigan Laws > Chapter 493 > Act 125 of 1981 - The Secondary Mortgage Loan Act

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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 493.51
  • Commissioner: 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
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • 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.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Depository financial institution: means a state or nationally chartered bank, state or federal chartered savings and loan association, savings bank, or credit union, or any other institution whose deposits are insured by an agency of the federal government. See Michigan Laws 493.51
  • 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 secondary mortgage loans. See Michigan Laws 493.51
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executive officer: means an officer, member, or partner of a licensee or registrant. See Michigan Laws 493.51
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Financial licensing act: means any of the financial licensing acts, as that term is defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 493.51
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • 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
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lender: means a person who, directly or indirectly, makes or offers to make secondary mortgage loans. See Michigan Laws 493.51
  • Licensed secondary mortgage loan officer: means a secondary mortgage loan officer who is licensed as a mortgage loan originator under the mortgage loan originator licensing act. See Michigan Laws 493.51
  • Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.51
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Originate: means any of the following:
    •     (i) To negotiate, arrange, or offer to negotiate or arrange a secondary mortgage loan between a lender and 1 or more individuals. See Michigan Laws 493.51
  • 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, limited liability company, partnership, association, or other legal entity. See Michigan Laws 493.51
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Secondary mortgage loan: means a loan that has a term of 90 days or more; that is made to a person for personal, family, or household purposes; and that is secured by a mortgage on an interest in real property that is used as a dwelling and is subject to a lien of 1 or more outstanding mortgages. See Michigan Laws 493.51
  • Secondary mortgage loan officer: means an individual who is an employee or agent of a broker, lender, or servicer; who originates secondary mortgage loans; and who is not an employee or agent of a depository financial institution or a subsidiary or affiliate of a depository financial institution. See Michigan Laws 493.51
  • Service: means the collection or remittance for a lender, noteowner, or noteholder or a licensee's own account of 4 or more installment payments of the principal of, interest of, or an amount placed in escrow under a secondary mortgage loan, mortgage servicing agreement, or an agreement with a mortgagor. 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
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • 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
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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