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MI SB0380
Bill
AI Summary
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Amends 1987 PA 173 to establish or modify definitions for mortgage industry terms including affiliate, construction loan, control person, depository financial institution, executive officer, and loan officer.
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Defines "loan officer" as an individual employed or acting as an agent of a mortgage broker, lender, or servicer who originates mortgage loans but is not employed by a depository financial institution or its subsidiaries or affiliates.
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Establishes definitions for mortgage broker, mortgage lender, and mortgage servicer activities, including the origination and servicing of mortgage loans on 1-to-4 family dwellings located in Michigan.
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Creates regulatory framework under the Commissioner of the Office of Financial and Insurance Regulation for registration and licensing of mortgage industry participants and loan officers.
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Effective April 9, 2009, contingent on concurrent enactment of Senate Bills 379 and 381 of the 95th Legislature.
Legislative Description
Financial institutions; loan officers; registration of consumer financial services company mortgage loan officers; allow under mortgage brokers, lenders, and servicers licensing act. Amends sec. 1a of 1987 PA 173 (MCL 445.1651a). TIE BAR WITH: SB 0379'09, SB 0381'09
Financial institutions, mortgage brokers and lenders
Last Action
Assigned Pa 0013'09 With Immediate Effect
4/21/2009