MCL - Index of Act 125 of 1981
NOTE: Dates reflect any modification to item, not necessarily a change in law.
| Title | Subject |
|---|---|
| Act 125 of 1981 | THE SECONDARY MORTGAGE LOAN ACT (493.51 - 493.81) |
| Section 493.51 | Short title; definitions. |
| Section 493.52 | Broker, lender, or servicer; license or registration required; exemption; use of name or assumed name. |
| Section 493.52a-493.52d | Repealed. 2009, Act 77, Eff. July 31, 2010. |
| Section 493.53 | Application for license or registration; form and contents. |
| Section 493.53a | Broker, lender, or servicer; registration with commissioner; form. |
| Section 493.54 | Fees. |
| Section 493.55 | Investigation; issuance or refusal to issue license. |
| Section 493.56 | License or registration; filing application or renewal; bond or letter of credit; claims filed against proof of financial responsibility; maintenance of net worth; determination; assets excluded from computation. |
| Section 493.56a | Registration or license; expiration; renewal; filing financial statement; exemption; fees; failure to submit reports or fees; disposition of money received; "MBLSLA fund" defined; limitation on fees; annual report; additional reports; false statement as felony. |
| Section 493.56b | Powers of commissioner. |
| Section 493.57 | Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. |
| Section 493.58 | Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record. |
| Section 493.59 | Order in addition to other legal actions. |
| Section 493.60 | Complaint; forwarding to licensee or registrant; response; investigation or administrative action. |
| Section 493.61 | Suspension, revocation, or refusal to issue or renew license or registration; notice; hearing; findings; facts or conditions; surrender of license or registration; preexisting contract not affected; lost or destroyed license or registration certificate. |
| Section 493.62 | Contracts or commitments made prior to suspension or revocation. |
| Section 493.62a | Conservator; appointment; reimbursement of expenses; powers; termination; disposition of compensation and expenses; disbursement of funds and interest. |
| Section 493.63 | Duration of license or registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfer. |
| Section 493.64 | Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement. |
| Section 493.64a | Fraud. |
| Section 493.64b | Hearing; final decision; judicial review; stay of commissioner's order. |
| Section 493.64c | Enforcement of order; jurisdiction. |
| Section 493.64d | Violation as misdemeanor; penalty. |
| Section 493.64e | Violation of order; exceptions. |
| Section 493.65 | Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor. |
| Section 493.66 | Failure to testify or comply with subpoena; court order; contempt. |
| Section 493.67 | Maintaining records relating to conduct of business; availability; statement of borrower's account; ledger history; obligation of servicer; fee prohibited. |
| Section 493.68 | Documents; preservation; other books, accounts, records, and documents. |
| Section 493.69 | Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. |
| Section 493.70 | Making or offering to make secondary mortgage loan; terms and conditions. |
| Section 493.71 | Interest rate; limitation; computation; prepaid finance charge or fee. |
| Section 493.72 | Charges and fees includable in principal; interest authorized by law; sale of insurance; hazard insurance; charges permitted by federal lending program. |
| Section 493.73 | Instrument evidencing or securing secondary mortgage; contents. |
| Section 493.74 | Licensee or registrant; prohibited conduct. |
| Section 493.75 | Violation of consumer credit protection act as violation of act. |
| Section 493.76 | Advertising; prohibited conduct. |
| Section 493.76a | Repealed. 2009. Act 77, Eff. July 31, 2010. |
| Section 493.77 | Violation of act; making secondary mortgage loans without license as misdemeanor; penalty; civil fine; actions. |
| Section 493.78 | Rules. |
| Section 493.79 | Construction of act; applicability. |
| Section 493.79a | Applicability of act to nonprofit corporation. |
| Section 493.80 | Persons permitted to make secondary mortgage loans. |
| Section 493.81 | Powers and duties of attorney general. |