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MI SB0464
Bill
AI Summary
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Amends Michigan's Secondary Mortgage Loan Act to remove licensing requirements for secondary mortgage loan officers, replacing them with federal Mortgage Loan Originator licensing requirements under the SAFE Act.
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Eliminates state-level loan officer licensing sections while requiring loan officers to be licensed as mortgage loan originators under federal standards if originating secondary mortgage loans.
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Maintains licensing and registration requirements for brokers, lenders, and servicers with proof of financial responsibility ranging from $25,000 to $125,000 depending on business type.
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Establishes annual operating fees for licensees and registrants based on loan volume and dollar amounts serviced, with investigation fees ranging from $400 to $1,000.
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Effective date July 31, 2010; bill takes effect only if companion Senate Bill 462 is enacted into law.
Legislative Description
Financial institutions; mortgage brokers and lenders; secondary mortgage loan act; amend to comply with federal SAFE act requirements. Amends title & secs. 1, 2, 6, 6a, 6b, 11, 13, 20, 22 & 27 of 1981 PA 125 (MCL 493.51 et seq.) & repeals secs. 2a, 2b, 2c, 2d & 26a of 1981 PA 125 (MCL 493.52a et seq.). TIE BAR WITH: SB 0462'09
Financial institutions, mortgage brokers and lenders
Last Action
Assigned Pa 0077'09 With Immediate Effect
8/5/2009