February 9, 2005, Introduced by Senator SCOTT and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1988 PA 161, entitled
"Consumer financial services act,"
by amending section 2 (MCL 487.2052), as amended by 2002 PA 390.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act:
(a) "Applicant" means a person that has applied to the
commissioner to be licensed under this act.
(b) "Bureau" means the office of financial and insurance
services
of the department of consumer and industry services
labor and economic growth.
(c) "Business activity" means any activity regulated by any of
the
financial licensing acts. identified under subdivision (d).
(d) "Class I license" means a license issued under this act
that authorizes the licensee to engage in all of the activities
permitted
under the regulatory loan act of 1963, 1939 PA 21, MCL
493.1
to 493.25, the secondary mortgage loan act, 1981 PA 125, MCL
493.51
to 493.81, the motor vehicle sales finance act, 1950 (Ex
Sess)
PA 27, MCL 492.101 to 492.141, 1984 PA 379, MCL 493.101 to
493.114,
the sale of checks act, 1960 PA 136, MCL 487.901 to
487.916,
or the mortgage brokers, lenders, and servicers licensing
act,
1987 PA 173, MCL 445.1651 to 445.1684 any of the financial
licensing acts.
(e) "Class II license" means a license issued under this act
that authorizes all of the activities permitted under a class I
license except for activities permitted under the sale of checks
act, 1960 PA 136, MCL 487.901 to 487.916, loan servicing activities
under the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to
493.81, or the mortgage brokers, lenders, and servicers licensing
act, 1987 PA 173, MCL 445.1651 to 445.1684.
(f) "Commissioner" means the commissioner of the office of
financial and insurance services or an authorized representative of
the commissioner.
(g) "Control person" means a director or executive officer of
a licensee or a person who has the authority to participate in the
direction, directly or indirectly through 1 or more other persons,
of the management or policies of a licensee.
(h) "Depository financial institution" means a bank, savings
and loan association, savings bank, or credit union organized under
the laws of this state, another state, the District of Columbia,
the United States, or a territory or protectorate of the United
States, whose deposits are insured by an agency of the federal
government.
(i) "Executive officer" means an officer, member, or partner
of a licensee, including chief executive officer, president, vice
president, chief financial officer, controller, compliance officer,
or any other similar position.
(j)
"Financial licensing acts" means the acts listed in
subdivision
(d) this act; the regulatory loan act, 1939 PA 21, MCL
493.1 to 493.24; the secondary mortgage loan act, 1981 PA 125, MCL
493.51 to 493.81; the motor vehicle sales finance act, 1950 (Ex
Sess) PA 27, MCL 492.101 to 492.141; 1984 PA 379, MCL 493.101 to
493.114; the sale of checks act, 1960 PA 136, MCL 487.901 to
487.916; the money transmission services act, MCL 487.1001 to
487.1048; and the mortgage brokers, lenders, and servicers
licensing act, 1987 PA 173, MCL 445.1651 to 445.1684.
(k) "Licensee" means a person that is licensed under this act.
(l) "Loan servicing activities" means the collection or
remittance for a lender, noteowner, noteholder, or the licensee's
own account of 4 or more installment payments of the principal,
interest, or an amount placed in escrow under a mortgage servicing
agreement or a mortgage loan subject to the mortgage brokers,
lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to
445.1684, or a mortgage servicing agreement or secondary mortgage
loan subject to the secondary mortgage loan act, 1981 PA 125, MCL
493.51 to 493.81, or an agreement with the mortgagor.
(m) "Person" means an individual, corporation, partnership,
association, limited liability company, or any other legal entity.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 176
of the 93rd Legislature is enacted into law.