Loading chat...
MI HB5593
Bill
Status
5/20/2014
Primary Sponsor
Peter Pettalia
Click for details
AI Summary
-
Replaces references to "commissioner" with "director" of the Department of Insurance and Financial Services in the Mortgage Loan Originator Licensing Act.
-
Allows a licensed mortgage loan originator to originate residential mortgage loans in Michigan on behalf of the sponsor of the licensee or on behalf of a depository institution.
-
Maintains existing licensing requirements for mortgage loan originators, including registration with the Nationwide Mortgage Licensing System and Registry.
-
Preserves exemptions from licensing for registered originators working for certain entities, family members, attorneys, and individuals offering loans on their own residence.
-
Requires independent contractor loan processors and underwriters to obtain and maintain a mortgage loan originator license and valid unique identifier.
Legislative Description
Financial institutions; loan officers; origination of mortgage loans on behalf of a depository institution or the loan officer's sponsor; allow. Amends sec. 5 of 2009 PA 75 (MCL 493.135).
Financial institutions, mortgage brokers and lenders
Last Action
Printed Bill Filed 05/20/2014
5/21/2014