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MI SB0381
Bill
AI Summary
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Amends the Secondary Mortgage Loan Act (1981 PA 125) to revise definitions and terminology related to secondary mortgage loans and licensing requirements.
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Defines key terms including "broker," "lender," "servicer," "secondary mortgage loan officer," and "exclusive broker" to establish regulatory framework for secondary mortgage loan professionals.
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Establishes that secondary mortgage loans with a term of 90 days or more secured by residential property are subject to Michigan law regardless of where the loan is executed.
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Specifies that a "secondary mortgage loan officer" is an individual employed by a broker, lender, or servicer who originates such loans and is not affiliated with depository financial institutions.
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Takes effect only upon enactment of Senate Bills 379 and 380 of the 95th Legislature, effective April 9, 2009.
Legislative Description
Financial institutions; loan officers; registration of consumer financial services company mortgage loan officers; allow under secondary mortgage act. Amends sec. 1 of 1981 PA 125 (MCL 493.51). TIE BAR WITH: SB 0379'09, SB 0380'09
Financial institutions, mortgage brokers and lenders
Last Action
Assigned Pa 0014'09 With Immediate Effect
4/21/2009