Bill Text: MI SB0379 | 2009-2010 | 95th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Financial institutions; loan officers; mortgage loan officer registration; require for consumer financial service companies. Amends sec. 9 of 1988 PA 161 (MCL 487.2059). TIE BAR WITH: SB 0380'09, SB 0381'09

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Passed) 2009-04-21 - Assigned Pa 0012'09 With Immediate Effect [SB0379 Detail]

Download: Michigan-2009-SB0379-Engrossed.html

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SB-0379, As Passed House, March 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 379

 

 

March 12, 2009, Introduced by Senators OLSHOVE, VAN WOERKOM, RICHARDVILLE and HARDIMAN 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 9 (MCL 487.2059), as amended by 1999 PA 275.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 9. (1) Except as otherwise provided by in subsection (2),

 

a licensee under this act shall comply with all of the requirements

 

of the financial licensing acts.

 

     (2) A licensee under this act shall be is exempt from

 

provisions of the financial licensing acts regulating any of the

 

following:

 

     (a) Application procedures.

 

     (b) Licensing procedures.

 

     (c) Payment of fees by the licensee.

 

     (d) Filing of surety bonds.

 

     (e) Denial, suspension, or revocation of a license.

 

     (f) Retention of records.

 

     (g) Filing of reports.

 

     (3) A licensee may purchase a contract made in compliance with

 

the retail installment sales act, 1966 PA 224, MCL 445.851 to

 

445.873, or the home improvement finance act, 1965 PA 332, MCL

 

445.1101 to 445.1431.

 

     (4) A licensee may have 1 or more loans outstanding to 1

 

borrower, but no single loan transaction shall violate the

 

financial licensing act which regulates the type of loan

 

transaction.

 

     (5) A licensee acting as a mortgage broker or mortgage lender

 

shall not employ or engage an individual as a loan officer to

 

originate mortgage loans unless he or she is a loan officer

 

registrant under the mortgage brokers, lenders, and servicers

 

licensing act, 1987 PA 173, MCL 445.1651 to 445.1684. As used in

 

this subsection, "loan officer", "loan officer registrant",

 

"originate", "mortgage broker", and "mortgage lender" mean those

 

terms as defined in section 1a of the mortgage brokers, lenders,

 

and servicers licensing act, 1987 PA 173, MCL 445.1651a.

 

     (6) A licensee acting as a broker or lender shall not employ

 

or engage an individual as a secondary mortgage loan officer to

 

originate secondary mortgage loans unless he or she is a secondary

 

mortgage loan officer registrant under the secondary mortgage loan

 

act, 1981 PA 125, MCL 493.51 to 493.81. As used in this subsection,

 

"broker", "lender", "originate", "secondary mortgage loan officer",

 

and "secondary mortgage loan officer registrant" mean those terms

 

as defined in section 1 of the secondary mortgage loan act, 1981 PA

 

125, MCL 493.51.

 

     Enacting section 1. This amendatory act does not take effect

 

unless all of the following bills of the 95th Legislature are

 

enacted into law:

 

     (a) Senate Bill No. 380.                                     

 

           

 

     (b) Senate Bill No. 381.