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MI SB0709
Bill
Status
7/15/2009
Primary Sponsor
Randy Richardville
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AI Summary
SB 709 Summary
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Updates references to Michigan's securities laws in the Mortgage Brokers, Lenders, and Servicers Licensing Act to include the new Uniform Securities Act (2002) alongside the existing 1964 Uniform Securities Act.
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Expands the definition of "individual investor" to clarify that broker-dealers registered under either the 1964 or 2002 Uniform Securities Act are excluded from the definition.
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Modifies Section 29 restrictions on transferring mortgage loans to individual investors to recognize broker-dealers compliant with either the 1964 or 2002 Uniform Securities Act.
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Maintains existing criminal penalties for unlicensed mortgage business operations (up to $15,000 fine and 1 year imprisonment) and civil enforcement authority for the Commissioner of Financial and Insurance Services.
Legislative Description
Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in mortgage brokers, lenders, and servicers licensing act. Amends secs. 1a & 29 of 1987 PA 173 (MCL 445.1651a & 445.1679).
Financial institutions, mortgage brokers and lenders
Last Action
Referred To Committee On Banking And Financial Institutions
7/15/2009