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MI HB5084
Bill
Status
12/5/2019
Primary Sponsor
Diana Farrington
Click for details
AI Summary
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Amends Michigan's mortgage loan originator licensing law to allow registered mortgage loan originators moving to non-depository institutions temporary authority to act as originators for up to 120 days while their license application is pending, provided they meet eligibility requirements and submit required fees and surety bonds.
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Permits mortgage loan originators licensed in other states temporary authority to operate in Michigan for up to 120 days while their Michigan license application is under review, if they were licensed in another state within the 30 days before applying.
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Establishes that individuals with temporary authority under the new provisions are subject to Michigan law the same as licensed mortgage loan originators, and employers of such individuals are also subject to applicable state law.
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Makes temporary authority contingent on applicants having clean disciplinary records (no denied applications, revoked/suspended licenses, cease and desist orders, or disqualifying criminal convictions) and maintaining registration in the nationwide mortgage licensing system and registry.
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Effective date: November 24, 2019, with immediate effect.
Legislative Description
Financial institutions: loan officers; mortgage loan originator licensing grace period during certain changes in occupational circumstances; provide for. Amends secs. 3 & 5 of 2009 PA 75 (MCL 493.133 & 493.135) & adds secs. 5a, 5b & 5c.
State agencies (existing): insurance and financial services
Last Action
Assigned Pa 141'19 With Immediate Effect
12/5/2019