reglab/housing_qa huggingface dataset:
MI Comp L § 493.135b (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.135b - Out of State License; Temporary Authority; Requirements; Time Period; "State" Defined.

493.135b Out of state license; temporary authority; requirements; time period; "state" defined.Sec. 5b.  (1) An individual who is a mortgage loan originator licensed in another state shall have temporary authority to act as a mortgage loan originator in this state for the period described in subsection (2) without first obtaining a license under this act if all of the following apply:  (a) The individual meets the requirements listed in section 5a(1)(a) to (g), as determined by the department.  (b) The individual was licensed in another state during the 30-day period immediately preceding the date on which the information required under section 7 is submitted.  (2) The period of temporary authority as provided in subsection (1) begins on the date on which the individual submits the information required under section 7 and the fee required under section 19, and has met the applicable surety bond requirement described in section 29, and ends on the earliest of the following dates:  (a) The date on which the individual withdraws the application submitted under section 7.  (b) The date on which the director denies, or issues a notice of intent to deny, the application.  (c) The date on which the director approves the application.  (d) The date that is 120 days after the date on which the individual submits the application, if the application is listed on the nationwide mortgage licensing system and registry as incomplete.  (3) As used in this section, "state" means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. History: Add. 2019, Act 141, Imd. Eff. Dec. 5, 2019
MI Comp L § 493.135c (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.135c - Temporary Authority; Subject to Laws of This State.

493.135c Temporary authority; subject to laws of this state.Sec. 5c.  With respect to the temporary authority authorized under sections 5a and 5b, both of the following apply:  (a) A person employing an individual who has the temporary authority described under section 5a or 5b to act as a mortgage loan originator in this state is subject to the applicable law of this state to the same extent as if that individual is a licensed mortgage loan originator.  (b) An individual who has the temporary authority described under section 5a or 5b to act as a mortgage loan originator in this state and who engages in residential mortgage loan origination activities is subject to the applicable law of this state to the extent as if that individual is a licensed mortgage loan originator. History: Add. 2019, Act 141, Imd. Eff. Dec. 5, 2019
MI Comp L § 493.139 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.139 - Issuance of Mortgage Loan Originator License; Findings; Conviction.

493.139 Issuance of mortgage loan originator license; findings; conviction.Sec. 9.  (1) The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings:  (a) The applicant is not subject to a prohibition order issued by the commissioner under section 27 or under any of the financial licensing acts.  (b) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that the commissioner shall not consider a revocation that is formally vacated as a revocation for purposes of this subdivision.  (c) Subject to subsection (2), the applicant has not been convicted of, or pled guilty or no contest to, any of the following in a domestic, foreign, or military court:  (i) Within the 10-year period preceding the date of the license application, a felony other than a felony described in subparagraph (ii).  (ii) At any time preceding the date of the license application, any felony or misdemeanor involving fraud, dishonesty, or a breach of trust, money laundering, embezzlement, forgery, a financial transaction, or securities.  (d) The applicant has demonstrated financial responsibility, character, and general fitness that commands the confidence of the community and warrants a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this act.   (e) The applicant has completed the prelicensing education requirement described in section 11.  (f) The applicant has passed a written test that meets the test requirement described in section 13.  (g) The applicant has met the surety bond requirement described in section 29.  (h) The applicant has a sponsor in the nationwide mortgage licensing system and registry that is approved by the commissioner.  (2) The commissioner shall not consider a conviction for which a pardon was granted a conviction for purposes of subsection (1)(c). History: 2009, Act 75, Eff. July 31, 2009 ;-- Am. 2012, Act 150, Imd. Eff. May 30, 2012
MI Comp L § 493.141 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.141 - Prelicensing Education Requirements.

493.141 Prelicensing education requirements.Sec. 11.  (1) To meet the prelicensing education requirement under section 9(1)(e), except as provided in subsection (6), the applicant shall complete at least 20 hours of education approved under subsection (2), including at least all of the following:  (a) Three hours of federal law and regulations.  (b) Three hours of ethics, including instruction on fraud, consumer protection, and fair lending issues.  (c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.  (2) Only prelicensing education courses reviewed and approved by the nationwide mortgage licensing system and registry may be used to satisfy the requirements of subsection (1). Review and approval of a prelicensing education course shall include review and approval of the course provider.  (3) If approved by the nationwide mortgage licensing system and registry, a prelicensing education course may be provided by the employer of the applicant, an entity that is affiliated with the applicant by an agency contract, or a subsidiary or affiliate of that employer or entity.   (4) Prelicensing education may be offered in a classroom, online, or by any other means approved by the nationwide mortgage licensing system and registry.   (5) If a person completes any prelicensing education requirements described in subsection (1)(a), (b), or (c) that are approved by the nationwide mortgage licensing system and registry for any state, the commissioner shall accept those hours of education as credit toward completion of the prelicensing education requirements under this section.  (6) For an application for a mortgage loan originator license submitted before July 31, 2010, completion of the classroom instruction requirement described in section 2a(4)(d) of the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1652a, or section 2a(4)(d) of the secondary mortgage loan act, 1981 PA 125, MCL 493.52a, satisfies the prelicensing education requirement described in subsection (1). An applicant described in this subsection shall provide proof in the form of a certificate of completion or other evidence acceptable to the commissioner.  (7) If an unlicensed individual who formerly held a license issued under this act applies for a new license under this act, he or she must prove that he or she completed all of the continuing education requirements of section 17 for the year in which the previous license was last held to be eligible for a new or renewed license. History: 2009, Act 75, Eff. July 31, 2009
MI Comp L § 493.143 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.143 - Qualified Written Test.

493.143 Qualified written test.Sec. 13.  (1) To meet the written test requirement under section 9(1)(f), except as provided in subsection (5), an individual shall pass a qualified written test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based on reasonable standards.  (2) A written test is not considered a qualified written test for purposes of subsection (1) unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including all of the following:  (a) Ethics.  (b) Federal law and regulation pertaining to mortgage origination and to mortgage lending, including, but not limited to, fraud, consumer protection, and fair lending issues and the nontraditional mortgage marketplace.  (c) State law and regulation pertaining to mortgage origination and to mortgage lending, including, but not limited to, fraud, consumer protection, and fair lending issues and the nontraditional mortgage marketplace.  (3) If the test provider is approved by the nationwide mortgage licensing system and registry, the test provider may provide a test at the location of the employer of the applicant, the location of any subsidiary or affiliate of the employer of the applicant, or the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.  (4) All of the following apply to a test under this section:  (a) An individual is not considered to have passed a qualified written test unless the individual achieves a test score of 75% or more correct answers to questions.  (b) An individual may retake a test 3 consecutive times, if each consecutive retaking occurs at least 30 days after the preceding test.  (c) If an individual fails 3 consecutive tests, the individual must wait at least 6 months before taking the test again.  (d) If an unlicensed individual who formerly held a license issued under this act applies for a new license under this act, he or she must retake the test if it has been at least 5 years since he or she last held a valid license under this act.  (5) If an applicant for a mortgage loan originator license has met the testing requirement described in section 2a(4)(e) of the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1652a, or section 2a(4)(e) of the secondary mortgage loan act, 1981 PA 125, MCL 493.52a, in the 5-year period preceding the date of the application, and provides evidence acceptable to the commissioner that he or she met that testing requirement, the applicant is considered to have met that part of the written test requirement under section 9(1)(f) applicable to the state law and regulation described in subsection (2)(c). History: 2009, Act 75, Eff. July 31, 2009
MI Comp L § 493.145 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.145 - Annual Renewal; Expiration; Reinstatement.

493.145 Annual renewal; expiration; reinstatement.Sec. 15.  (1) The commissioner shall annually renew the license of a licensed mortgage loan originator if all of the following are met before his or her current license expires:  (a) The mortgage loan originator continues to meet the requirements for license issuance under section 9(1)(a) to (g).  (b) The mortgage loan originator has satisfied the annual continuing education requirements described in section 17.  (c) The mortgage loan originator has paid the fee required under section 19.  (2) If a mortgage loan originator fails to satisfy the requirements of subsection (1) for renewal of his or her license, the license shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry. History: 2009, Act 75, Eff. July 31, 2009 ;-- Am. 2012, Act 150, Imd. Eff. May 30, 2012
MI Comp L § 493.147 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.147 - Continuing Education Requirements.

493.147 Continuing education requirements.Sec. 17.  (1) To meet the annual continuing education requirements described in section 15(1)(b), a licensed mortgage loan originator shall complete at least 8 hours of education approved under subsection (2), including at least all of the following:  (a) Three hours of federal law and regulations.  (b) Two hours of ethics, including instruction on fraud, consumer protection, and fair lending issues.  (c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.  (2) Only continuing education courses reviewed and approved by the nationwide mortgage licensing system and registry, based on reasonable standards, may be used to satisfy the requirements of subsection (1). Review and approval of a continuing education course shall include review and approval of the course provider.  (3) If approved by the nationwide mortgage licensing system and registry, a continuing education course may be provided by the employer of the mortgage loan originator, an entity that is affiliated with the mortgage loan originator by an agency contract, or a subsidiary or affiliate of that employer or entity.   (4) Continuing education may be offered in a classroom, online, or by any other means approved by the nationwide mortgage licensing system and registry.   (5) Both of the following apply to the continuing education requirements of a licensed mortgage loan originator:  (a) Except for section 15(2) and subsection (9), he or she may only receive credit for a continuing education course in the year in which the course is taken.  (b) He or she may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.  (6) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught.  (7) If a person successfully completes any continuing education requirements described in subsection (1)(a), (b), or (c) that are approved by the nationwide mortgage licensing system and registry for any state, the commissioner shall accept those hours of education as credit toward completion of the continuing education requirements under this section.  (8) If an unlicensed individual who formerly held a license issued under this act applies for a new license under this act, he or she must complete the continuing education requirements for the last year in which the license was held to be eligible for a new or renewed license.  (9) The commissioner by rule may establish a procedure by which an individual who meets the requirements of section 15(1)(a) and (c) may make up any deficiency in continuing education. History: 2009, Act 75, Eff. July 31, 2009
MI Comp L § 493.149 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.149 - Fees; Reports; Penalties; Deposit of Money in Mblsla Fund; Limitation on Fee Levels.

493.149 Fees; reports; penalties; deposit of money in MBLSLA fund; limitation on fee levels.Sec. 19.  (1) At the time of making an initial application for a mortgage loan originator license under this act, the applicant shall pay to the commissioner the annual operating fee established by the commissioner under subsection (2).  (2) The commissioner shall annually establish a schedule of fees that are sufficient to pay, but not to exceed, the reasonably anticipated costs of the office of financial and insurance regulation for administering and enforcing this act. The fee schedule shall include all of the following:  (a) An annual fee for each licensed mortgage loan originator in an amount established by the commissioner. For purposes of this subdivision, the commissioner shall establish an amount for the annual fee that is sufficient to defray the estimated cost of administering and enforcing the provisions of this act.  (b) For amending or reissuing a mortgage loan originator license, a fee of not less than $15.00 or more than $200.00.  (c) A licensed mortgage loan originator shall pay the actual travel, lodging, and meal expenses incurred by employees of the office of financial and insurance regulation who travel out of state to conduct an examination or investigation of a licensed mortgage loan originator and the cost of independent investigators employed under section 33(6)(a).  (3) Fees received under this act are not refundable.  (4) If any fees or penalties provided for in this act are not paid when required, the attorney general may maintain an action against the delinquent licensed mortgage loan originator for the recovery of the fees and penalties together with interest and costs.  (5) A licensed mortgage loan originator who fails to submit to the commissioner the reports required under section 33(3) is subject to a penalty of $25.00 for each day a required report is delinquent or $1,000.00, whichever is less.  (6) A mortgage loan originator license renewal fee that is not received on or before December 31 is subject to a penalty of $25.00 for each day the fee is delinquent or $1,000.00, whichever is less.  (7) Money received from the fees described in this section shall be deposited in the MBLSLA fund. As used in this subsection, "MBLSLA fund" means the restricted account created under section 8(8) of the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1658.  (8) The annual operating fees set by the commissioner shall not exceed the levels needed to cover the estimated cost of enforcement of this act. History: 2009, Act 75, Eff. July 31, 2009
MI Comp L § 493.151 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.151 - Mortgage Loan Originators; License and Registration Through Nationwide Mortgage Licensing System and Registry; Rules.

493.151 Mortgage loan originators; license and registration through nationwide mortgage licensing system and registry; rules.Sec. 21.  In addition to any other duties imposed on the commissioner under this act, the commissioner shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. To carry out this requirement, the commissioner is authorized to participate in the nationwide mortgage licensing system and registry and may by rule establish other requirements that he or she considers necessary, including, but not limited to, any of the following:  (a) Background checks for any of the following:  (i) The criminal history of a licensed mortgage loan originator or license applicant through fingerprint or other databases.  (ii) Information about a licensed mortgage loan originator or license applicant in civil or administrative records.  (iii) A licensed mortgage loan originator's or license applicant's credit history.  (iv) Any other information about a licensed mortgage loan originator or license applicant considered necessary by the nationwide mortgage licensing system and registry.   (b) The payment of fees to apply for or renew licenses through the nationwide mortgage licensing system and registry.  (c) The setting or resetting as necessary of renewal or reporting dates.  (d) Requirements for amending or surrendering a license or any other activities that the commissioner considers necessary for participation in the nationwide mortgage licensing system and registry. History: 2009, Act 75, Eff. July 31, 2009
MI Comp L § 493.153 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.153 - Process for Challenging Information Entered.

493.153 Process for challenging information entered.Sec. 23.  The commissioner shall establish a process through which mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by the commissioner. History: 2009, Act 75, Eff. July 31, 2009
MI Comp L § 493.155 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)|Section 493.155 - Powers of Commissioner; Finding of Violation or Noncompliance; Fine.

493.155 Powers of commissioner; finding of violation or noncompliance; fine.Sec. 25.  (1) To ensure the effective supervision and enforcement of this act, the commissioner may do any of the following, in a manner consistent with the requirements of the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328:  (a) Deny, suspend, revoke, condition, or decline to renew a license for a violation of this act, rules issued under this act, or an order or directive entered under this act.  (b) Deny, suspend, revoke, condition, or decline to renew a license if a licensed mortgage loan originator or license applicant fails at any time to meet the requirements of section 9 or 15 or withholds information or makes a material misstatement in an application for a license or renewal of a license.  (c) Order restitution against a person that is subject to this act for a violation of this act.  (d) Subject to subsections (2), (3), and (4), impose a civil fine on a person that is subject to this act.  (e) Issue any of the following orders or directives under this act:  (i) Order or direct a person that is subject to this act to cease and desist from conducting business, including an immediate temporary order to cease and desist.  (ii) Order or direct a person that is subject to this act to cease any harmful activities or violations of this act, including an immediate temporary order to cease and desist.  (iii) Enter an immediate temporary order to cease business under a license or interim license issued pursuant to the authority granted under section 5(4), if the commissioner determines that the license or interim license was erroneously granted or the licensed mortgage loan originator is currently in violation of this act.  (iv) Issue an order under section 27.  (v) Order or direct any other affirmative action that the commissioner considers necessary.  (2) The commissioner may impose a civil fine on a mortgage loan originator or other person subject to this act, if the commissioner finds, on the record after notice and opportunity for hearing, that the mortgage loan originator or other person has violated or failed to comply with a requirement of this act, a rule promulgated by the commissioner under this act, or an order issued under the authority of this act.  (3) The maximum fine for each violation or failure to comply described in subsection (2) is $25,000.00.  (4) Each violation or failure to comply described in subsection (2) is a separate and distinct violation or failure. History: 2009, Act 75, Eff. July 31, 2009