Michigan Laws > Chapter 47 > Act 275 of 1913 – Board of County Auditors
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Terms Used In Michigan Laws > Chapter 47 > Act 275 of 1913 - Board of County Auditors
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Allowable expense: means a health care expense, including coinsurance or copayments and without reduction for any applicable deductible, that is covered in full or in part by any of the plans covering the individual. See Michigan Laws 550.252
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Broker: means a person who, directly or indirectly, does 1 or both of the following:
(i) Serves or offers to serve as an agent for a person attempting to obtain a secondary mortgage loan. See Michigan Laws 493.51charge card: means any card or device that is issued by a licensee under a credit card arrangement that allows the cardholder to obtain credit from the card issuer or any other person to purchase or lease property or services, obtain a loan or credit, or for any other purpose. See Michigan Laws 493.101 Claim: means a request that benefits of a plan be provided or paid. See Michigan Laws 550.252 Closed panel plan: means a plan that provides health benefits to covered persons primarily in the form of services through a panel of providers that have contracted with or are employed by the insurer that issues the plan and that excludes benefits for services provided by other providers, except in cases of emergency or referral by a panel member. See Michigan Laws 550.252 COB: means a provision that establishes an order in which insurers pay claims, and that permits benefits paid under secondary plans to be reduced so that the combined benefits paid under all plans do not exceed 100% of the total allowable expenses of the claims. See Michigan Laws 550.252 Commissioner: means the commissioner of insurance. See Michigan Laws 550.52 Commissioner: means the commissioner of the office of financial and insurance regulation of the department of energy, labor, and economic growth or his or her authorized representatives. See Michigan Laws 493.51 Commissioner: means the director of the department of insurance and financial services or his or her authorized representative. See Michigan Laws 493.101 Commissioner: means the director. See Michigan Laws 493.133 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law. Contract: A legal written agreement that becomes binding when signed. Control person: means a director or executive officer of a licensee or registrant 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 or registrant. See Michigan Laws 493.51 Conviction: A judgement of guilt against a criminal defendant. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Credit card arrangement: means a loan or extension of credit that meets all of the following:
(i) Is unsecured. See Michigan Laws 493.101Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC Custodial parent: means any of the following:
(i) The parent awarded custody of a child by a court order or judgment. See Michigan Laws 550.252Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Dental care corporation: means a dental care corporation incorporated under 1963 PA 125, MCL 550. See Michigan Laws 550.52 Dental care corporation: means a nonprofit dental care corporation incorporated under 1963 PA 125, MCL 550. See Michigan Laws 550.252 Department: means the department of community health. See Michigan Laws 550.281 Department: means the department of insurance and financial services. See Michigan Laws 493.133 Dependent: A person dependent for support upon another. Depository financial institution: means a state or nationally chartered bank, state or federal chartered savings and loan association, savings bank, or credit union, or any other institution whose deposits are insured by an agency of the federal government. See Michigan Laws 493.51 Depository institution: means that term as defined in section 3 of the federal deposit insurance act, 12 USC 1813, or a credit union. See Michigan Laws 493.133 Director: means the director of the department or his or her designee. See Michigan Laws 493.133 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dwelling: means that term as defined in section 103 of the truth in lending act, 15 USC 1602. See Michigan Laws 493.133 Election: means an election or primary election at which the electors of this state or of a subdivision of this state choose or nominate by ballot an individual for public office or decide a ballot question lawfully submitted to them. See Michigan Laws 168.2 Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Employee: means an individual who meets both of the following:
(i) Has an employment relationship acknowledged by that individual and the licensee or registrant that engages that individual to originate secondary mortgage loans. See Michigan Laws 493.51Employee: means an individual who meets both of the following:
(i) Has an employment relationship acknowledged by that individual and the person that engages that individual to originate mortgage loans. See Michigan Laws 493.133Entity: means a health insurer; a health maintenance organization; a nonprofit health care corporation; a managed care corporation; a preferred provider organization; an organization operating pursuant to the prudent purchaser act, 1984 PA 233, MCL 550. See Michigan Laws 550.281 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executive officer: means an officer, member, or partner of a licensee or registrant. See Michigan Laws 493.51 Exempt company: means a person that meets all of the following:
(i) Is not required to obtain a license or registration, or is exempt from licensing or registration, under the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445. See Michigan Laws 493.133Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC Financial licensing act: means any of the financial licensing acts, as that term is defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 493.51 Financial licensing acts: means that term as defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 493.133 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC general November election: means the election held on the November regular election date in an even numbered year. See Michigan Laws 168.2 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Group-type contract: means a contract that is not available to the general public and is obtained and maintained only because of membership in or a connection with a particular organization or group, including blanket coverage. See Michigan Laws 550.252 Health care corporation: means a health care corporation incorporated under the nonprofit health care corporation reform act, 1980 PA 350, MCL 550. See Michigan Laws 550.52 Health care provider: means a health facility or a person licensed, certified, or registered under part 62 or parts 161 to 182 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 550.52 Health facility: means :
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
(i) A facility or agency licensed or authorized under parts 201 to 217 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 550.52Health maintenance organization: means that term as defined in section 3501 of the insurance code of 1956, 1956 PA 218, MCL 500. See Michigan Laws 550.252 Hospital service corporation: means a hospital service corporation incorporated under former 1939 PA 109. See Michigan Laws 550.52 Immediate family member: means a spouse, child, sibling, parent, grandparent, or grandchild. See Michigan Laws 493.133 Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate. in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Individual: means a natural person. See Michigan Laws 493.133 inhabitant: means a resident of a city, township, village, district or county. See Michigan Laws 8.3f Insurer: means an insurer as defined in section 106 of the insurance code of 1956, 1956 PA 218, MCL 500. See Michigan Laws 550.52 Insurer: means that term as defined in section 106 of the insurance code of 1956, 1956 PA 218, MCL 500. See Michigan Laws 550.252 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. laboratory: means a facility for the biological, microbiological, serological, chemical, immunohematological, hematological, biophysical, cytological, pathological, or other examination of materials derived from the human body for the purpose of providing information for the diagnosis, prevention, or treatment of any disease or impairment of, or the assessment of the health of, human beings. See Michigan Laws 333.20501 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Lender: means a person who, directly or indirectly, makes or offers to make secondary mortgage loans. See Michigan Laws 493.51 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Licensed mortgage loan originator: means a mortgage loan originator who holds a valid license issued by the director under this act. See Michigan Laws 493.133 Licensed secondary mortgage loan officer: means a secondary mortgage loan officer who is licensed as a mortgage loan originator under the mortgage loan originator licensing act. See Michigan Laws 493.51 Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.51 Licensee: means a person that is licensed under this act. See Michigan Laws 493.101 Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed or designated as exempt from licensing under the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445. See Michigan Laws 493.133 Medical assistance: means the medical assistance program administered by the state under the social welfare act, 1939 PA 280, MCL 400. See Michigan Laws 550.281 Medical care corporation: means a medical care corporation incorporated under former 1939 PA 108. See Michigan Laws 550.52 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgage loan originator: means an individual who originates residential mortgage loans and meets all of the following:
(i) Is not an individual engaged solely as a loan processor or underwriter except as otherwise provided in section 5(3). See Michigan Laws 493.133Mortgage servicer: means a person that directly or indirectly services or offers to service residential mortgage loans. See Michigan Laws 493.133 Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Michigan Laws 493.133 Nontraditional mortgage product: means any mortgage product other than a 30-year fixed rate mortgage. See Michigan Laws 493.133 Oath: A promise to tell the truth. oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Office of financial and insurance regulation: means the department. See Michigan Laws 493.133 Organization: means an insurer, a dental care corporation, hospital service corporation, medical care corporation, health care corporation, or third party administrator. See Michigan Laws 550.52 Originate: means any of the following:
(i) To negotiate, arrange, or offer to negotiate or arrange a secondary mortgage loan between a lender and 1 or more individuals. See Michigan Laws 493.51Originate: means to do any of the following for compensation or gain, or in the expectation of compensation or gain, in connection with a residential mortgage loan:
(i) Take a residential mortgage loan application. See Michigan Laws 493.133Oversight: Committee review of the activities of a Federal agency or program. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 493.51 Person: means an individual, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 493.101 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Person: means an individual, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 493.133 plan: means a form of health care coverage with which coordination is allowed. See Michigan Laws 550.252 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Primary plan: means a plan under which benefits for an individual's health care coverage are determined without taking into consideration the existence of any other plan. See Michigan Laws 550.252 Probable cause: A reasonable ground for belief that the offender violated a specific law. Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Provider panel: means a panel of health care providers providing health care services under a prudent purchaser agreement. See Michigan Laws 550.52 Prudent purchaser agreement: means an agreement between an organization and a health care provider under section 3. See Michigan Laws 550.52 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Qualified health plan: means that term as defined in section 111i of the social welfare act, 1939 PA 280, MCL 400. See Michigan Laws 550.281 Quorum: The number of legislators that must be present to do business. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Registrant: means a person that is registered or required to register as a broker, lender, or servicer under this act. See Michigan Laws 493.51 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Residential mortgage loan: means a loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or residential real estate on which a person has constructed or intends to construct a dwelling. See Michigan Laws 493.133 Residential real estate: means any real property located in this state on which a person has constructed or intends to construct a dwelling. See Michigan Laws 493.133 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. SAFE act: means the secure and fair enforcement for mortgage licensing act of 2008, 12 USC 5101 to 5117. See Michigan Laws 493.133 Secondary mortgage loan: means a loan that has a term of 90 days or more; that is made to a person for personal, family, or household purposes; and that is secured by a mortgage on an interest in real property that is used as a dwelling and is subject to a lien of 1 or more outstanding mortgages. See Michigan Laws 493.51 Secondary mortgage loan officer: means an individual who is an employee or agent of a broker, lender, or servicer; who originates secondary mortgage loans; and who is not an employee or agent of a depository financial institution or a subsidiary or affiliate of a depository financial institution. See Michigan Laws 493.51 Secondary plan: means a plan that is not a primary plan. See Michigan Laws 550.252 Service: means the collection or remittance for a lender, noteowner, or noteholder or a licensee's own account of 4 or more installment payments of the principal of, interest of, or an amount placed in escrow under a secondary mortgage loan, mortgage servicing agreement, or an agreement with a mortgagor. See Michigan Laws 493.51 Service: means the collection or remittance for a lender, noteowner, or noteholder or a person's own account of 4 or more installment payments of the principal of, interest of, or an amount placed in escrow under a residential mortgage loan, mortgage servicing agreement, or an agreement with a mortgagor. See Michigan Laws 493.133 Servicer: means a person who, directly or indirectly, services or offers to service secondary mortgage loans. See Michigan Laws 493.51 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Sponsor: means a person that meets all of the following:
(i) Has a unique identifier in the nationwide mortgage licensing system and registry. See Michigan Laws 493.133state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Third party administrator: means an administrator operating under a certificate of authority issued by the commissioner pursuant to the third party administrator act. See Michigan Laws 550.52 Trustee: A person or institution holding and administering property in trust. Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC Truth in lending act: means the truth in lending act, 15 USC 1601 to 1667f. See Michigan Laws 493.101 Unique identifier: means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry. See Michigan Laws 493.133 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Writ: A formal written command, issued from the court, requiring the performance of a specific act.