Terms Used In Michigan Laws 445.1661

  • Commissioner: means the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs or his or her authorized agent. See Michigan Laws 445.1651a
  • Control person: means a director or executive officer of a licensee or registrant or an individual 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 445.1651a
  • License: means a license issued under this act. See Michigan Laws 445.1651a
  • Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 445.1651a
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage broker: means a person that, directly or indirectly, does 1 or both of the following:
  (i) Serves or offers to serve as an agent for a person in an attempt to obtain a mortgage loan. See Michigan Laws 445.1651a
  • Mortgage lender: means a person that, directly or indirectly, makes or offers to make mortgage loans. See Michigan Laws 445.1651a
  • Mortgage servicer: means a person that, directly or indirectly, services or offers to service mortgage loans. See Michigan Laws 445.1651a
  • Person: means an individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1651a
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Registrant: means a person that is registered under section 6 or required to register under section 6. See Michigan Laws 445.1651a
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • state: 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
  •   (1) The commissioner shall exercise general supervision and control over mortgage brokers, mortgage lenders, and mortgage servicers doing business in this state.
      (2) In addition to the other powers granted to the commissioner by this act, the commissioner shall have all of the following powers:
      (a) To promulgate reasonable rules under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, as necessary to implement and administer this act.
      (b) To deny an application for a license or registration.
      (c) To conduct examinations and investigations of any person as necessary for the efficient enforcement of this act and the rules promulgated under this act.
      (d) To advise the attorney general or the prosecuting attorney of a county in which a mortgage broker, mortgage lender, or mortgage servicer is conducting business that the commissioner believes a licensee, registrant, or other person is violating this act. The attorney general or prosecuting attorney may take appropriate legal action to enjoin the operation of the business of the mortgage broker, mortgage lender, or mortgage servicer or prosecute violations of this act.
      (e) To bring an action in the Ingham county circuit court in the name and on behalf of this state against a licensee, registrant, or any other person that is participating in, or about to participate in, any unsafe or injurious practice or act in violation of this act or a rule promulgated under this act, to enjoin the person from participating in or continuing the practice or engaging in the act.
      (f) To order a person to cease and desist from a violation of this act or a rule promulgated under this act under section 16.
      (g) To suspend or revoke a license or registration under section 29.
      (h) To require that restitution be made under section 29.
      (i) To assess a civil fine under section 29.
      (j) To censure a licensee or registrant.
      (k) To issue an order to prohibit a person from being employed by, an agent of, or control person of a licensee or registrant under section 18a.