reglab/housing_qa huggingface dataset:
MI Comp L § 493.64d (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.64d - Violation as Misdemeanor; Penalty.

493.64d Violation as misdemeanor; penalty. Sec. 14d.  Any current or former executive officer, director, agent, or control person who violates a final order issued under section 14a is guilty of a misdemeanor punishable by a fine of not more than $5,000.00 or imprisonment for not more than 1 year, or both. History: Add. 2002, Act 392, Imd. Eff. May 30, 2002 Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.64e (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.64e - Violation of Order; Exceptions.

493.64e Violation of order; exceptions. Sec. 14e.  A control person who is subject to an order issued under section 14a and who meets all of the following requirements is not in violation of the order:  (a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or registrant after the date the order is issued.  (b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee or registrant to an unrelated third party. History: Add. 2002, Act 392, Imd. Eff. May 30, 2002 Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.65 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.65 - Subpoena of Witnesses and Evidence; Oaths and Affirmations; Certain Conduct as Misdemeanor.

493.65 Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor. Sec. 15.  (1) The commissioner may subpoena witnesses and documents, papers, books, records, and other evidence, in any matter over which the commissioner has jurisdiction, control, or supervision. The commissioner may administer oaths and affirmations to a person whose testimony is required.  (2) A person subpoenaed under this section who willfully refuses or neglects to appear at the time and place named in the subpoena, or to produce books, accounts, records, files, or documents required by the commissioner, or who refuses to be sworn or, unless permitted by law, refuses to answer as a witness, is guilty of a misdemeanor. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.66 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.66 - Failure to Testify or Comply With Subpoena; Court Order; Contempt.

493.66 Failure to testify or comply with subpoena; court order; contempt. Sec. 16.  If a person fails to comply with a subpoena issued by the commissioner or to testify with respect to any matter concerning which the person may be lawfully questioned, the circuit court for Ingham county, on application of the commissioner, may issue an order requiring the attendance of the person and the giving of testimony or production of evidence. The court may punish by contempt a person who fails to obey the court's order. History: 1981, Act 125, Imd. Eff. July 23, 1981 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.67 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.67 - Maintaining Records Relating to Conduct of Business; Availability; Statement of Borrower's Account; Ledger History; Obligation of Servicer; Fee Prohibited.

493.67 Maintaining records relating to conduct of business; availability; statement of borrower's account; ledger history; obligation of servicer; fee prohibited. Sec. 17.  (1) A licensee or registrant shall maintain books, accounts, records, and documents of the business, as prescribed by the commissioner to enable the commissioner to determine whether the business of the licensee or registrant is conducted as required by this act and the rules promulgated under this act.  (2) The preservation of records by reproduction under the records media act, 1992 PA 116, MCL 24.401 to 24.403, constitutes compliance with this section.  (3) If the books, accounts, records, and documents are not made available in this state, the licensee or registrant shall pay the reasonable travel, lodging, and meal expenses of the examiner as provided in section 6a(6)(d).  (4) If a licensee or registrant that is a servicer, in connection with a secondary mortgage loan, requires a mortgage escrow account, the licensee or registrant shall deliver to the borrower annually a statement of the borrower's account showing the unpaid principal balance of the secondary mortgage loan at the end of the immediately preceding 12-month period, the interest paid during the period, and the amount deposited into escrow and disbursed from escrow during the period.  (5) Within 25 days after receipt of a written request from the borrower, a servicer shall deliver to the borrower a ledger history of the borrower's account showing the date and amount of all payments made or credited to the account for the immediately preceding 12-month period, and the total unpaid balance.  (6) A servicer is not obligated to furnish to the borrower more than 1 annual statement and 1 ledger history upon written request of the borrower in a 12-month period.  (7) A fee shall not be charged the borrower under subsection (4) for the annual statement or for 1 ledger history furnished to the borrower in a 12-month period. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.68 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.68 - Documents; Preservation; Other Books, Accounts, Records, and Documents.

493.68 Documents; preservation; other books, accounts, records, and documents. Sec. 18.  (1) A licensee or registrant shall preserve and keep available for examination by the commissioner each secondary mortgage loan document in its possession or control, including the application, credit report, employment verification, loan disclosure statement, and settlement statement, until the secondary mortgage loan is transferred or assigned, or the expiration of 2 years after the date the secondary mortgage loan is closed, whichever occurs first.  (2) If the secondary mortgage loan is transferred or assigned, the licensee or registrant shall preserve and keep available for examination by the commissioner copies of the promissory note, mortgage, truth-in-lending disclosure statement, and settlement statement in its possession or control for 2 years after the date the secondary mortgage loan is transferred or assigned.  (3) Notwithstanding any other provision of this act, each licensee or registrant shall preserve and keep available for examination by the commissioner all documents pertaining to a rejected application for a secondary mortgage loan for the period of time required by state or federal law.  (4) A licensee or registrant shall preserve all other books, accounts, records, and documents pertaining to the licensee's or registrant's business and keep them available for examination by the commissioner for not less than 2 years after the conclusion of the fiscal year of the licensee or registrant in which the book, account, record, or document was created. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.69 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.69 - Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.

493.69 Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997. Compiler's Notes: The repealed section pertained to rules prescribing minimum information required to be shown in books, accounts, and records.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.70 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.70 - Making or Offering to Make Secondary Mortgage Loan; Terms and Conditions.

493.70 Making or offering to make secondary mortgage loan; terms and conditions.Sec. 20.  A licensee or registrant shall not make or offer to make a secondary mortgage loan except on the terms and conditions authorized by this act and the rules promulgated under this act. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 ;-- Am. 2008, Act 325, Imd. Eff. Dec. 18, 2008 ;-- Am. 2009, Act 77, Eff. July 31, 2010 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.71 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.71 - Interest Rate; Limitation; Computation; Prepaid Finance Charge or Fee.

493.71 Interest rate; limitation; computation; prepaid finance charge or fee. Sec. 21.  (1) A licensee or registrant may charge, contract for, receive, or collect on a secondary mortgage loan an interest rate not exceeding the interest rate permitted by the credit reform act, 1995 PA 162, MCL 445.1851 to 445.1864. Interest on a secondary mortgage loan under this act shall not be added or deducted in advance but shall be computed on the basis of the actual unpaid balance of the principal of the loan on a daily or monthly basis for the time actually outstanding until the loan is paid in full.  (2) This section does not prohibit a lender from offering the borrower, in connection with a secondary mortgage loan that involves other than open-end credit, an option to pay a prepaid finance charge in exchange for a lower contract interest rate or to charge a prepayment fee in the amount permitted under section 1c of 1966 PA 326, MCL 438.31c. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1982, Act 361, Imd. Eff. Dec. 23, 1982 ;-- Am. 1983, Act 43, Imd. Eff. May 12, 1983 ;-- Am. 1983, Act 251, Imd. Eff. Dec. 29, 1983 ;-- Am. 1984, Act 416, Imd. Eff. Dec. 28, 1984 ;-- Am. 1985, Act 155, Imd. Eff. Nov. 15, 1985 ;-- Am. 1995, Act 164, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.73 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.73 - Instrument Evidencing or Securing Secondary Mortgage; Contents.

493.73 Instrument evidencing or securing secondary mortgage; contents. Sec. 23.  An instrument evidencing or securing a secondary mortgage loan shall not contain any of the following:  (a) A power of attorney to confess judgment.  (b) A provision by which the debtor waives rights accruing under this act, any federal law, or law of this state.  (c) An assignment of or order for the payment of all or part of salary, wages, commissions, or other compensation for services earned or to be earned.  (d) A provision to compel, encourage, or induce a borrower to incorporate to evade the provisions of this act.  (e) A provision by which a debtor agrees to pay damages absent a judgment by a court. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan ActAdmin Rule: R 493.101 et seq. of the Michigan Administrative Code.
MI Comp L § 493.75 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.75 - Violation of Consumer Credit Protection Act as Violation of Act.

493.75 Violation of consumer credit protection act as violation of act. Sec. 25.  A violation of the consumer credit protection act, Public Law 90-321, 82 Stat. 146, as amended by title VI of Public Law 96-221, 94 Stat. 168 or other applicable federal law is a violation of this act. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.76 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.76 - Advertising; Prohibited Conduct.

493.76 Advertising; prohibited conduct. Sec. 26.  (1) A licensee or registrant shall not, willfully or knowingly, make a false, misleading, or deceptive advertisement regarding secondary mortgage loans or the availability of secondary mortgage loans.  (2) A licensee or registrant shall not advertise any size of loan, security required for a loan, rate of charge, or other condition of lending except with the intent of making loans at those or lower rates, and under the stated conditions, to secondary mortgage loan applicants who meet the standards or qualifications prescribed by the licensee or registrant. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1992, Act 77, Imd. Eff. June 2, 1992 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.76a (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.76a - Repealed. 2009. Act 77, Eff. July 31, 2010.

493.76a Repealed. 2009. Act 77, Eff. July 31, 2010. Compiler's Notes: The repealed section pertained to registration or license requirements.
MI Comp L § 493.78 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.78 - Rules.

493.78 Rules. Sec. 28.  The commissioner shall promulgate rules under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, to administer and enforce this act. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan ActAdmin Rule: R 493.101 et seq. of the Michigan Administrative Code.
MI Comp L § 493.79 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.79 - Construction of Act; Applicability.

493.79 Construction of act; applicability. Sec. 29.  This act does not apply to a depository financial institution that is subject to other laws of this state, another state, or of the United States regulating the power of the depository financial institution to engage in secondary mortgage loan transactions or upon the conditions and limitations imposed by law upon the exercise of this power. This act does not apply to an affiliate or subsidiary of a depository financial institution or a depository financial institution holding company if the depository institution maintains an office or branch office in this state. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.79a (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.79a - Applicability of Act to Nonprofit Corporation.

493.79a Applicability of act to nonprofit corporation. Sec. 29a.  (1) This act does not apply to a nonprofit corporation that makes, brokers, or services mortgage loans in connection with a neighborhood housing program assisted under the neighborhood reinvestment corporation act, title VI of Public Law 95-557, 42 U.S.C. 8101 to 8107.  (2) This act does not apply to a nonprofit corporation that makes or services secondary mortgage loans only in connection with mortgages made under a program described in section 25a(1)(b) and (c) of the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1675a, if the commissioner has determined that the nonprofit corporation is exempt from that act under section 25a of the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1675a. History: Add. 1994, Act 261, Imd. Eff. July 5, 1994 ;-- Am. 1998, Act 372, Imd. Eff. Oct. 20, 1998 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.80 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.80 - Persons Permitted to Make Secondary Mortgage Loans.

493.80 Persons permitted to make secondary mortgage loans. Sec. 30.  (1) Except as otherwise provided by this act, a secondary mortgage loan may be made in compliance with this act, and only in conformance with the interest rate limitations of 1966 PA 326, MCL 438.31 to 438.33, by either of the following:  (a) A salesperson acting as an agent for a residential builder, or a residential builder, licensed under article 24 of the occupational code, 1980 PA 299, MCL 339.2401 to 339.2412, when made or negotiated in connection with the sale of a residential structure constructed by that builder.  (b) A real estate broker or real estate salesperson licensed under article 25 of the occupational code, 1980 PA 299, MCL 339.2501 to 339.2518, and engaged in the sale of real estate as a principal vocation, when made or negotiated in connection with a real estate sale where the real estate broker or salesperson affiliated with the broker represents either the buyer or seller.  (2) Except as otherwise provided by this act, a secondary mortgage loan may be made in compliance with this act by a person to an employee of that person provided that the proceeds of the loan are used to assist the employee in meeting his or her housing needs. History: 1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1984, Act 124, Imd. Eff. June 1, 1984 ;-- Am. 1997, Act 91, Imd. Eff. Aug. 1, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act
MI Comp L § 493.81 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 125 of 1981 - The Secondary Mortgage Loan Act (493.51 - 493.81)|Section 493.81 - Powers and Duties of Attorney General.

493.81 Powers and duties of attorney general. Sec. 31.  The powers and duties of the attorney general provided in this act are in addition to his existing powers and duties provided by statutes and common law, and nothing in this act shall impair or restrict the jurisdiction of any court in any action or proceeding by the attorney general under any other statute or common law. History: 1981, Act 125, Imd. Eff. July 23, 1981 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.Popular Name: Secondary Mortgage Loan Act