§ 445.1651 Short title
§ 445.1651a Definitions
§ 445.1652 Mortgage broker, mortgage lender, or mortgage servicer; license or registration required; exemption; application; compensation or other remuneration; words contained in name or assumed name; “employee
§ 445.1653 License or renewal; application; form; investigation; determination; issuance; indemnification
§ 445.1654 Proof of financial responsibility
§ 445.1655 Minimum net worth
§ 445.1656 Registration required; applicability of certain provisions; licensing or registration of real estate broker or salesperson; improper use of business name
§ 445.1657 Expiration of registration or license; renewal; application; fee; limitation; financial statement
§ 445.1658 Payment for investigation and annual operating fees; establishment of annual fee schedule; limitation; fees nonrefundable; action for delinquent payment; licensee or registrant report; penalties; esta
§ 445.1659 Transfer or assignment of license or registration
§ 445.1660 Surrender, revocation, or suspension of license or registration; loss or destruction; affidavit
§ 445.1661 Powers of commissioner generally
§ 445.1662 Notice of intention to enter order of license or registration, suspension or revocation, or refusal to issue license; hearing; final order
§ 445.1663 Complaint; investigation; federal regulatory authority
§ 445.1664 Provisions applicable to investigation
§ 445.1665 Summary suspension of license or registration; order; affidavit; dissolution of summary suspension order; record
§ 445.1666 Cease and desist order; hearing; violation; injunction
§ 445.1667 Remedies cumulative
§ 445.1668 Notice of hearing on complaint; service; informal conference; settlement; compliance; hearing
§ 445.1668a Fraud; prohibition; notice; hearing; order
§ 445.1668b Hearing; final decision; judicial review; effect of review on order
§ 445.1668c Enforcement of order; jurisdiction
§ 445.1668d Violation as misdemeanor; penalty
§ 445.1668e Violation of order; exceptions
§ 445.1669 Continuing to service mortgage loan or making mortgage after suspension or revocation of license or registration; termination of commitment; refund
§ 445.1670 Powers of commissioner in conducting examination or investigation; conduct of person subpoenaed as misdemeanor; conduct of investigation
§ 445.1671 Books, accounts, records, and documents; preservation and examination; reports; false statement as felony; penalty
§ 445.1672 Violations generally
§ 445.1672a Mortgage loans; prohibited advertising
§ 445.1673 Reasonable and necessary charges; terms and conditions of guarantee
§ 445.1674 Annual statement and ledger history of borrower’s account; fee prohibited
§ 445.1675 Applicability of act
§ 445.1675a Exemptions; filing affidavit; failure to meet qualifications
§ 445.1676 Laws to which mortgage loan subject
§ 445.1677 Period within which to file application for license and proof of financial responsibility, to pay fees, or to register
§ 445.1678 Civil or criminal liability
§ 445.1679 Prohibited conduct; misdemeanor; penalty; violation of act or rules; civil fine; suspension or revocation of license or registration; refusal to issue or renew license or registration; restitution; pr
§ 445.1680 Effect of noncompliance on validity or enforceability of mortgage loan
§ 445.1681 Action to obtain declaratory judgment, injunction, or actual damages; limitation
§ 445.1682 Conservatorship
§ 445.1683 Mortgage industry advisory board; creation; requirements; communication of issues to commissioner; recommendations
§ 445.1684 Claims filed against proof of financial responsibility

Terms Used In Michigan Laws > Chapter 445 > Act 173 of 1987

  • Adoptee: means the individual who is to be adopted, regardless of whether the individual is a child or an adult. See Michigan Laws 710.22
  • Adoption attorney: means an attorney acting as counsel in an adoption proceeding or case. See Michigan Laws 710.22
  • Adult former sibling: means an individual who is 18 years of age or older and is related to an adult adoptee either biologically or through adoption by at least 1 common parent, regardless of whether the adult former sibling ever lived in the same household as the adult adoptee. See Michigan Laws 710.22
  • 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.
  • 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
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Agency placement: means a placement in which a child placing agency, the department, or a court selects the adoptive parent for the child and transfers physical custody of the child to the prospective adoptive parent. See Michigan Laws 710.22
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Applicant: means an individual or individuals who desire to adopt a child and who have submitted an adoption application to a child placing agency. See Michigan Laws 710.22
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • best interests of the child: means the sum total of the following factors to be considered, evaluated, and determined by the court to be applied to give the adoptee permanence at the earliest possible date:

    (i) The love, affection, and other emotional ties existing between the adopting individual or individuals and the adoptee or, in the case of a hearing under section 39 of this chapter, the putative father and the adoptee. See Michigan Laws 710.22

  • Board: means the mortgage industry advisory board created in section 33. See Michigan Laws 445.1651a
  • Central adoption registry: means the registry established by the department under section 27b of this chapter to control the release of identifying adoption information. See Michigan Laws 710.22
  • Child: means an individual less than 18 years of age. See Michigan Laws 710.22
  • Child placing agency: means a private organization licensed under 1973 PA 116, MCL 722. See Michigan Laws 710.22
  • Child placing agency: means that term as defined in section 1 of 1973 PA 116, MCL 722. See Michigan Laws 712.1
  • 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
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consent: means a document in which all parental rights over a specific child are voluntarily relinquished to the court for placement with a specific adoptive parent. See Michigan Laws 710.22
  • Construction loan: means a mortgage loan to construct a 1-to-4 family dwelling, that is approved and closed before completion of the construction of the improvement on the real property. See Michigan Laws 445.1651a
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • 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.
  • County juvenile agency: means that term as defined in section 2 of the county juvenile agency act, 1998 PA 518, MCL 45. See Michigan Laws 712A.1
  • Court: means the family division of circuit court of this state, or if the context requires, the court having jurisdiction over adoption in another state or country. See Michigan Laws 710.22
  • Court: means the family division of circuit court. See Michigan Laws 712.1
  • Court: means the family division of circuit court. See Michigan Laws 712A.1
  • Credit 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the family independence agency. See Michigan Laws 710.22
  • Department: means the department of human services. See Michigan Laws 712.1
  • Department: means the department of health and human services. See Michigan Laws 712A.1
  • Depository financial institution: means a state or nationally chartered bank, a state or federally chartered savings and loan association, savings bank, or credit union, or an entity of the federally chartered farm credit system. See Michigan Laws 445.1651a
  • Direct placement: means a placement in which a parent or guardian selects an adoptive parent for a child, other than a stepparent or an individual related to the child within the fifth degree by marriage, blood, or adoption, and transfers physical custody of the child to the prospective adoptive parent. See Michigan Laws 710.22
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Domestic violence: means that term as defined in section 1 of 1978 PA 389, MCL 400. See Michigan Laws 712.1
  • Emergency service provider: means a uniformed or otherwise identified employee or contractor of a fire department, hospital, or police station when that individual is inside the premises and on duty. See Michigan Laws 712.1
  • 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
  • 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 445.1651a
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiduciary: A trustee, executor, or administrator.
  • Financial licensing act: means the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 445.1651a
  • Firm commitment: means an underwriting in which a broker-dealer commits to buy the mortgage loan or the entire issue of securities based upon or backed by 1 or more mortgage loans and assumes all financial responsibility for any unsold securities. See Michigan Laws 445.1651a
  • 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.
  • 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
  • Foreign protection order: means that term as defined in section 2950h of the revised judicature act of 1961, 1961 PA 236, MCL 600. See Michigan Laws 712A.1
  • Formal placement: means a placement that is approved by the court under section 51 of this chapter. See Michigan Laws 710.22
  • 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
  • Gross negligence: means conduct so reckless as to demonstrate a substantial lack of concern for whether an injury results. See Michigan Laws 712.1
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Hospital: means a hospital that is licensed under article 17 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 712.1
  • 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
  • Individual investor: means a person that resides in this state or has its principal place of business in this state. See Michigan Laws 445.1651a
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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.
  • Juvenile: means a person who is less than 17 years of age who is the subject of a delinquency petition. See Michigan Laws 712A.1
  • Lawyer-guardian ad litem: means an attorney appointed under section 2 of this chapter. See Michigan Laws 712.1
  • 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
  • License: means a license issued under this act. See Michigan Laws 445.1651a
  • Licensed loan officer: means a loan officer who is licensed as a mortgage loan originator under the mortgage loan originator licensing act. See Michigan Laws 445.1651a
  • Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 445.1651a
  • Loan officer: means an individual who is an employee or agent of a mortgage broker, mortgage lender, or mortgage servicer; who originates 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 445.1651a
  • Mental health code: means the mental health code, 1974 PA 258, MCL 330. See Michigan Laws 712A.1
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • 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 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 servicer: means a person that, directly or indirectly, services or offers to service mortgage loans. See Michigan Laws 445.1651a
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Newborn: means a child who a physician reasonably believes to be not more than 72 hours old. See Michigan Laws 712.1
  • 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.
  • Originate: means any of the following:
  •   (i) To negotiate, arrange, or offer to negotiate or arrange a mortgage loan between a mortgage lender and 1 or more individuals. See Michigan Laws 445.1651a
  • 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, governmental entity, or any other legal entity. See Michigan Laws 445.1651a
  • Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 710.22
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal protection order: means a personal protection order issued under section 2950 or 2950a of the revised judicature act of 1961, 1961 PA 236, MCL 600. See Michigan Laws 712A.1
  • Police station: means that term as defined in section 43 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 712.1
  • Preplacement assessment: means an assessment of a prospective adoptive parent as described in section 23f of chapter X. See Michigan Laws 712.1
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Probate: Proving a will
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Real estate broker: means a broker or associate broker licensed under article 25 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 445.1651a
  • Real estate salesperson: means a salesperson licensed under article 25 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 445.1651a
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Register: means filing a notice with the commissioner on a form prescribed by the commissioner that notifies the commissioner of the intent to engage in the activities of a mortgage broker, mortgage lender, or mortgage servicer in this state and the payment of any fees required under this act, along with the other documents, proofs, and fees required by the commissioner. 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
  • Release: means a document in which all parental rights over a specific child are voluntarily relinquished to the department or to a child placing agency. See Michigan Laws 710.22
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Rescission petition: means a petition filed by an adult adoptee and his or her parent whose rights have been terminated to rescind the adoption in which a stepparent acquired parental rights and to restore parental rights of that parent according to section 66 of this chapter. See Michigan Laws 710.22
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Restoration: means the process by which education or treatment of a juvenile results in that juvenile becoming competent to proceed. See Michigan Laws 712A.1
  • Secondary mortgage loan act: means the secondary mortgage loan act, 1981 PA 125, MCL 493. See Michigan Laws 445.1651a
  • Service: means the collection or remittance, or the right or obligation to collect or remit, for a lender, noteowner, noteholder, mortgage servicer, or the licensee's or registrant's own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage loan, mortgage servicing agreement, or an agreement with the mortgagor. See Michigan Laws 445.1651a
  • 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.
  • 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
  • Subpoena: A command to a witness to appear and give testimony.
  • Surrender: means to leave a newborn with an emergency service provider without expressing an intent to return for the newborn. See Michigan Laws 712.1
  • Temporary placement: means a placement that occurs before court approval under section 51 of this chapter and that meets the requirements of section 23d of this chapter. See Michigan Laws 710.22
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • to place: means selection of an adoptive parent for a child and transfer of physical custody of the child to a prospective adoptive parent according to this chapter. See Michigan Laws 710.22
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC