Michigan Laws > Chapter 600 > Act 236 of 1961 > Chapter 83 – District Court: Jurisdiction; Powers
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 600 > Act 236 of 1961 > Chapter 83 - District Court: Jurisdiction; Powers
- Affiliate: means a person or group of persons that directly or indirectly through 1 or more intermediaries controls, is controlled by, or is under common control with another person and engaged in a business or transaction regulated by this act. See Michigan Laws 445.1651a
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Amortization: Paying off a loan by regular installments.
- Appraisal: A determination of property value.
- Arrest: Taking physical custody of a person by lawful authority.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assumed: means transfers of real property subject to a real property loan by assumptions, land contracts, wrap-around loans, or transfers subject to the mortgage or similar lien, and other like transfers. See Michigan Laws 445.1621
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Bailiff: a court officer who enforces the rules of behavior in courtrooms.
- Blended rate period: means a period of time commencing on the date that a residential window period loan contract is amended as provided in Section 4 and ending either on a date selected by the lender at least 3 years after the period commences or on the date the loan was originally scheduled to become due and payable in full, whichever date is earlier. See Michigan Laws 445.1621
- Board: means the mortgage industry advisory board created in section 33. See Michigan Laws 445.1651a
- Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
- Civil infraction: means an act or omission that is prohibited by a law and is not a crime under that law or that is prohibited by an ordinance, as defined in section 8701, and is not a crime under that ordinance, and for which civil sanctions may be ordered. See Michigan Laws 600.113
- Civil infraction action: means a civil action in which the defendant is alleged to be responsible for a civil infraction. See Michigan Laws 600.113
- Commissioner: means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs. See Michigan Laws 445.1601
- Commissioner: means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs or his or her authorized agent. See Michigan Laws 445.1651a
- 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.
- Conviction: A judgement of guilt against a criminal defendant.
- 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 granting institution: means a state or nationally chartered bank, a state or federally chartered savings and loan association, a state or federally chartered credit union, the Michigan state housing development authority, or a business entity making or purchasing mortgage loans, that has a main office, branch office, or service center in the state of Michigan at which it conducts that business. See Michigan Laws 445.1601
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Depository financial institution: means a state or nationally chartered bank, a state or federally chartered savings and loan association, savings bank, or credit union, or an entity of the federally chartered farm credit system. See Michigan Laws 445.1651a
- Depository institution: means a bank, savings and loan association, savings bank, or credit union that is chartered under state or federal law. See Michigan Laws 445.1632
- director: means the director of the department of insurance and financial services. See Michigan Laws 445.1632
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Due-on-sale clause: means a contract provision which authorizes the lender, at its option, to declare due and payable sums secured by the lender's security instrument if all or any part of the property, or an interest in the property, securing the real property loan is sold or transferred without the lender's prior written consent. See Michigan Laws 445.1621
- 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 mortgage loans. See Michigan Laws 445.1651aEqual Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC 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 445.1651a Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC FHLBB mortgage index rate: means the national average contract interest rate on conventional 25 plus year fixed rate mortgages charged by all major lenders on mortgage loans for previously occupied homes, as most recently published by the federal home loan bank board in its journal or news releases. See Michigan Laws 445.1621 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. Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: 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 Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor 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 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 judgment: as used in this act , includes decree. See Michigan Laws 600.112 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. Juror: A person who is on the jury. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Lender: means a person or governmental agency, other than the Michigan state housing development authority, making real property loans, including, but not limited to, an individual, a federal or state chartered savings and loan association or savings bank, a state or national bank, a federal or state chartered credit union, an insurance company, or other lender approved as a mortgagee under the national housing act, 12 U. See Michigan Laws 445.1621 License: means a license issued under this act. See Michigan Laws 445.1651a Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 445.1651a Lien: A claim against real or personal property in satisfaction of a debt. Loan application: means a written application for a mortgage loan or home improvement loan. See Michigan Laws 445.1601 Loan officer: means an individual who is an employee or agent of a mortgage broker, mortgage lender, or mortgage servicer; who originates 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 445.1651a Loan secured by a lien on real property: means a loan on the security of any instrument which makes the interest in real property specific security for the payment of the obligation secured by the instrument. See Michigan Laws 445.1621 Loan secured by a lien on stock in a residential cooperative housing corporation: means a loan on the security of the following:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
(i) A security interest in stock or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization. See Michigan Laws 445.1621month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage broker: means a person that, directly or indirectly, does 1 or both of the following:
(i) Serves or offers to serve as an agent for a person in an attempt to obtain a mortgage loan. See Michigan Laws 445.1651aMortgage lender: means a person that, directly or indirectly, makes or offers to make mortgage loans. See Michigan Laws 445.1651a Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgage loan: means a loan or home improvement installment contract secured by a first or subordinate mortgage or any other form of lien or a land contract that covers real property located in this state that is used as the borrower's principal dwelling and is designed for occupancy by 4 or fewer families. See Michigan Laws 445.1632 Mortgage loan: means a loan secured by a first mortgage on real property located in this state and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families or a land contract covering real property located in this state used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families. See Michigan Laws 445.1651a Mortgage servicer: means a person that, directly or indirectly, services or offers to service mortgage loans. See Michigan Laws 445.1651a Mortgagee: The person to whom property is mortgaged and who has loaned the money. Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. 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. Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC Originate: means any of the following:
(i) To negotiate, arrange, or offer to negotiate or arrange a mortgage loan between a mortgage lender and 1 or more individuals. See Michigan Laws 445.1651aPartnership: 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, governmental entity, or any other legal entity. See Michigan Laws 445.1632 Person: means an individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1651a person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Plaintiff: The person who files the complaint in a civil lawsuit. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Probable cause: A reasonable ground for belief that the offender violated a specific law. Probate: Proving a will Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. 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 estate broker: means a broker or associate broker licensed under article 25 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 445.1651a Real estate salesperson: means a salesperson licensed under article 25 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 445.1651a Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Real property loan: means a loan, mortgage, advance, or credit sale secured by a lien on real property, on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, whether real or personal property. See Michigan Laws 445.1621 Register: means filing a notice with the commissioner on a form prescribed by the commissioner that notifies the commissioner of the intent to engage in the activities of a mortgage broker, mortgage lender, or mortgage servicer in this state and the payment of any fees required under this act, along with the other documents, proofs, and fees required by the commissioner. See Michigan Laws 445.1651a Registrant: means a person that is registered under section 6 or required to register under section 6. See Michigan Laws 445.1651a Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Residential manufactured home: means a manufactured home as defined in section 603(6) of the national manufactured housing construction and safety standards act of 1974, 42 U. See Michigan Laws 445.1621 Residential window period loan: means a window period loan which is 1 of the following:
(i) A loan secured by a lien on real property intended for occupancy by not more than 4 families. See Michigan Laws 445.1621Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Reverse-mortgage: means a nonrecourse loan under which both of the following apply:
(i) A mortgage or other form of lien securing 1 or more advances is created in the borrower's principal dwelling. See Michigan Laws 445.1632Sale or transfer: means the conveyance of property, or of any right, title, or interest in property, whether legal or equitable, whether voluntary or involuntary, by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than 3 years, lease option contract, or any other method of conveyance of real property interest. See Michigan Laws 445.1621 Secondary mortgage loan act: means the secondary mortgage loan act, 1981 PA 125, MCL 493. See Michigan Laws 445.1651a Service: means the collection or remittance, or the right or obligation to collect or remit, for a lender, noteowner, noteholder, mortgage servicer, or the licensee's or registrant's own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage loan, mortgage servicing agreement, or an agreement with the mortgagor. See Michigan Laws 445.1651a 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. 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 State and federal laws: means , individually and collectively, 1 or more of the laws or regulations of this state or the federal government which regulate or are applicable to a mortgage loan or a person that is brokering, making, servicing, or collecting a mortgage loan, including, without limitation, the truth in lending act, 15 USC 1601 to 1667f, real estate settlement procedures act of 1974, Public Law 93-533, 88 Stat. See Michigan Laws 445.1632 State civil infraction: means a civil infraction involving either of the following:
(i) A violation of state law that is designated by statute as a state civil infraction. See Michigan Laws 600.113Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Summons: Another word for subpoena used by the criminal justice system. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Venue: The geographical location in which a case is tried. Verdict: The decision of a petit jury or a judge. Window period loan: means a real property loan which was made or assumed during a period beginning on January 5, 1977, and ending on October 15, 1982, other than a real property loan originated by a federal savings and loan association, a federal savings bank, a national bank, or a federally chartered credit union. See Michigan Laws 445.1621 Writ: A formal written command, issued from the court, requiring the performance of a specific act.