Terms Used In Michigan Laws 445.1683

  • Affiliate: means a person or group of persons that directly or indirectly through 1 or more intermediaries controls, is controlled by, or is under common control with another person and engaged in a business or transaction regulated by this act. See Michigan Laws 445.1651a
  • Board: means the mortgage industry advisory board created in section 33. See Michigan Laws 445.1651a
  • 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
  • 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 mortgage loans. See Michigan Laws 445.1651a
  • 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
  • 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 loan: means a loan secured by a first mortgage on real property located in this state and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families or a land contract covering real property located in this state used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families. See Michigan Laws 445.1651a
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Person: means an individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1651a
  • Registrant: means a person that is registered under section 6 or required to register under section 6. See Michigan Laws 445.1651a
  • Secondary mortgage loan act: means the secondary mortgage loan act, 1981 PA 125, MCL 493. See Michigan Laws 445.1651a
  • 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 mortgage industry advisory board is created.
      (2) All of the following apply to the board:
      (a) The board shall consist of 7 individuals, appointed by the commissioner as follows:
      (i) Four individuals who are employees of, are directors of, or have at least a 25% ownership interest in a licensee or registrant, selected by the commissioner from a list, provided to the commissioner by the Michigan mortgage lenders association, that includes at least 6 nominees, 3 of whom are employees of, directors of, or have at least a 25% ownership interest in a person that holds a license or registration under this act to provide services as a mortgage broker.
      (ii) One employee who is an employee of, a director of, or who has at least a 25% ownership interest in a licensee or registrant that is a member of any trade association operating in this state that represents mortgage brokers, mortgage lenders, or mortgage servicers. The trade associations may recommend candidates for this position to the commissioner.
      (iii) Two individuals who are employees of, are directors of, or have at least a 25% ownership interest in business entities that provide services to or purchase services from licensees or registrants.
      (b) The term of a board member is 4 years, except that for the first board, the commissioner shall appoint 3 individuals for 2-year terms so that the terms of office of board members are staggered.
      (c) An individual may not serve more than 2 consecutive 4-year terms, and the commissioner may not reappoint an individual who serves 2 consecutive 4-year terms on the board for at least 12 months after the end of those consecutive terms.
      (d) The board shall not include more than 1 member who is employed by, is a director of, or has more than a 1% ownership interest in the same licensee, registrant, affiliate, or other person.
      (e) Each member of the board shall serve without compensation. However, the office of financial and insurance regulation shall reimburse a member of the board for his or her travel and other expenses incurred in the performance of an official board function pursuant to the standard travel regulations of the department of management and budget.
      (f) The board shall retain minutes of its meetings and any other records of the board for at least 10 years. The board shall make its minutes and any other records prepared, owned, used, in the possession of, or retained by the board in the performance of an official function available to the commissioner immediately on request and make those minutes and records available to the public in compliance with the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246.
      (3) The board shall communicate to the commissioner issues of concern to the residential mortgage industry and shall review and make recommendations to the commissioner concerning all of the following:
      (a) Rules proposed under this act, the secondary mortgage loan act, or the mortgage loan originator licensing act, 2009 PA 75, MCL 493.131 to 493.171.
      (b) Procedures for maintaining the confidentiality of personal identifying information and other information concerning all of the following:
      (i) Licensees, registrants, and applicants for licensure or registration.
      (ii) Licensees, registrants, and applicants for licensure or registration under the secondary mortgage loan act.
      (iii) Licensees or applicants for licensure under the mortgage loan originator licensing act, 2009 PA 75, MCL 493.131 to 493.171.
      (c) Any other issue referred to the board by the commissioner.

      Previous section
    Next section  
     Act 173 of 1987 Contents