MI SB0465

Amends section 9 of the 1988 Consumer Financial Services Act to require mortgage brokers and mortgage lenders to employ only licensed loan officers to originate mortgage loans.

Requires brokers and lenders to employ only licensed secondary mortgage loan officers to originate secondary mortgage loans.

Defines "employ" to mean an engagement acknowledged by both the licensee and individual as an employment relationship and treated as employment for federal income tax purposes.

Exempts licensees from certain financial licensing act provisions including application procedures, licensing procedures, fee payments, surety bonds, license denial/suspension/revocation, record retention, and report filing.

Takes effect July 31, 2010, and is conditional on the enactment of Senate Bill No. 462 of the 95th Legislature.