MI SB0908

Amends Michigan's mortgage loan originator licensing law (2009 PA 75) to revise definitions and licensing requirements for individuals originating residential mortgage loans.

Requires mortgage loan originators to obtain and maintain annual licenses and register with the Nationwide Mortgage Licensing System and Registry, effective July 31, 2010, with exemptions for registered originators at depository institutions, family member transactions, and licensed attorneys.

Establishes licensure standards including background checks (felony convictions within 10 years, lifetime ban for fraud-related crimes), completion of prelicensing education, passing a written test, and demonstration of financial responsibility and good character.

Sets annual surety bond requirements ranging from $10,000 to $50,000 for individual originators based on prior-year loan volume, or allows sponsors to provide bonds covering all their originators ($50,000 to $250,000 based on volume).

Requires annual license renewal upon meeting ongoing requirements including continuing education, passing background checks, and maintaining surety bond coverage; allows reinstatement of expired licenses under commissioner procedures.