reglab/housing_qa huggingface dataset:
MI Comp L § 445.1627 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 351 of 1984 - Due-on-Sale Clauses (445.1621 - 445.1629)|Section 445.1627 - Contract for Sale or Transfer of Residential Property Subject to Mortgage; Provisions in Boldface Type.

445.1627 Contract for sale or transfer of residential property subject to mortgage; provisions in boldface type. Sec. 7.  Each contract for the sale or transfer of residential property which is subject to a mortgage shall provide in boldface type substantially as follows:  "Seller understands that consummation of the sale or transfer of the property described in this agreement shall not relieve the seller of any liability that seller may have under the mortgage(s) to which the property is subject, unless otherwise agreed to by the lender or required by law or regulation." History: 1984, Act 351, Eff. Oct. 15, 1985
MI Comp L § 445.1628 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 351 of 1984 - Due-on-Sale Clauses (445.1621 - 445.1629)|Section 445.1628 - Violation by Lender; Liability; Action to Recover Civil Fine; Prohibited Conduct by Licensee; Liability for Civil Fine; Revocation of License; Action for Declaratory Judgment or Injunction; Action for Actual Damages and Attorneys' Fees.

445.1628 Violation by lender; liability; action to recover civil fine; prohibited conduct by licensee; liability for civil fine; revocation of license; action for declaratory judgment or injunction; action for actual damages and attorneys' fees. Sec. 8.  (1) A lender who knowingly enforces or attempts to enforce a due-on-sale clause in violation of this act shall be liable for a civil fine not to exceed $5,000.00 for each offense. The attorney general or a prosecuting attorney may bring an action to recover a civil fine under this section.  (2) Any person licensed to do business in this state who, while carrying on that business, knowingly advises a person selling or transferring property securing a residential window period loan not to notify a lender as required by section 3 or who knowingly otherwise aids or assists a person in evading the enforcement of a due-on-sale clause enforceable under this act shall be liable for a civil fine not to exceed $5,000.00 for each offense and shall be subject to revocation of his or her license.  (3) The attorney general, a prosecuting attorney, or any other person may bring an action for 1 or both of the following:  (a) A declaratory judgment that a method, act, or practice violates this act.  (b) An injunction to enjoin a lender, real estate broker, or real estate salesperson which is engaging or is about to engage in a method, act, or practice which violates or would violate this act.  (4) In addition to any other remedy provided by this act, a person who suffers loss as a result of a violation of this act may bring an action to recover actual damages or $250.00, whichever is greater, together with reasonable attorneys' fees. History: 1984, Act 351, Eff. Oct. 15, 1985
MI Comp L § 445.1629 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 351 of 1984 - Due-on-Sale Clauses (445.1621 - 445.1629)|Section 445.1629 - Effective Date.

445.1629 Effective date. Sec. 9.  This act shall take effect October 15, 1985. History: 1984, Act 351, Eff. Oct. 15, 1985
MI Comp L § 445.1631 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1631 - Short Title.

445.1631 Short title. Sec. 1.  This act shall be known and may be cited as the "consumer mortgage protection act". History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1633 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1633 - Compliance With State and Federal Laws.

445.1633 Compliance with state and federal laws. Sec. 3.  A person shall broker, make, or service mortgage loans in accordance with all applicable state and federal laws. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1634 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1634 - Person Making Mortgage Loan; Prohibited Conduct.

445.1634 Person making mortgage loan; prohibited conduct. Sec. 4.  (1) A person offering to make or making a mortgage loan shall not do either of the following:  (a) Charge a fee for a product or service if the product or service is not actually provided to the customer.  (b) Misrepresent the amount charged by or paid to a third party for a product or service.  (2) A lender in making a mortgage loan shall not finance as part of the loan single premium coverage for any credit life, credit disability, or credit unemployment.  (3) A person, appraiser, or real estate agent shall not make, directly or indirectly, any false, deceptive, or misleading statement or representation in connection with a mortgage loan including, but not limited to, the borrower's ability to qualify for a mortgage loan or the value of the dwelling that will secure repayment of the mortgage loan.  (4) A lender shall not insert or change information on an application for a mortgage loan if the lender knows that the information is false and misleading and intended to deceive a third party that the borrower is qualified for the loan when in fact the third party would not approve the loan without the insertion or change.  (5) A statement or representation is deceptive or misleading if it has the capacity to deceive or mislead a borrower or potential borrower. The commissioner shall consider any of the following factors in deciding whether a statement or misrepresentation is deceptive or misleading:  (a) The overall impression that the statement or representation reasonably creates.  (b) The particular type of audience to which the statement is directed.  (c) Whether it may be reasonably comprehended by the segment of the public to which the statement is directed.  (6) A lender shall not condition the payment of an appraisal upon a predetermined value or the closing of the mortgage loan which is the basis of the appraisal.  (7) A person shall not directly or indirectly compensate, coerce, or intimidate an appraiser for the purpose of influencing the independent judgment of the appraiser with respect to the value of the dwelling offered as security for repayment of the mortgage loan.  (8) A mortgage loan note shall not contain blanks regarding payments, interest rates, maturity date, or amount borrowed to be filled in after the note is signed by the borrower. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1635 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1635 - Mortgage Loan With Term Less Than 5 Years; Payment Schedule.

445.1635 Mortgage loan with term less than 5 years; payment schedule. Sec. 5.  A mortgage loan with a term of less than 5 years shall not have a payment schedule with regular periodic payments that when aggregated do not fully amortize the outstanding principal balance. This section does not apply to loans with maturities of less than 1 year, if the purpose of the loan is a "bridge" loan connected with the acquisition or construction of a dwelling intended to become the borrower's principal dwelling. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1636 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1636 - Federal Special Information Booklet; Document to Be Prepared by Department.

445.1636 Federal special information booklet; document to be prepared by department.Sec. 6.  (1) Subject to subsection (2), at the time a person applies for a mortgage loan, the lender shall provide the applicant with a copy of the special information booklet described in 12 CFR 1024.6, issued under the authority of the real estate settlement procedures act of 1974, Public Law 93-533.  (2) If the federal government repeals or amends 12 CFR 1024.6 or otherwise ceases publication of the special information booklet described in subsection (1), the department of insurance and financial services shall prepare a document that describes the rights of borrowers in mortgage loan transactions; annually review the document to ensure the accuracy of any telephone numbers, Internet website addresses, or other information included in the document; and make the document available to lenders and the public. If the document described in this subsection is available to a lender under this subsection at the time a person applies for a mortgage loan, the lender shall provide the applicant with a copy of that document. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002 ;-- Am. 2016, Act 44, Eff. June 13, 2016
MI Comp L § 445.1637 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1637 - Repealed. 2016, Act 44, Eff. June 13, 2016.

445.1637 Repealed. 2016, Act 44, Eff. June 13, 2016. Compiler's Notes: The repealed section pertained to written notice regarding credit counseling.
MI Comp L § 445.1638 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1638 - Examinations and Investigations by Commissioner.

445.1638 Examinations and investigations by commissioner. Sec. 8.  The commissioner may conduct examinations and investigations of a person over whom the commissioner has regulatory authority as necessary to determine whether the person is brokering, making, servicing, or collecting mortgage loans as required by this act. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1639 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1639 - Violation of Act.

445.1639 Violation of act. Sec. 9.  If the commissioner determines that a person is brokering, making, servicing, or collecting mortgage loans in violation of this act, the commissioner shall do 1 or more of the following:  (a) Initiate a cause of action under section 10.  (b) If the person is chartered, licensed, registered, regulated, or administered by the commissioner under a law of this state, the commissioner shall enforce the penalties and remedies under that law.  (c) Forward a complaint to the appropriate regulatory or investigatory authority. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1640 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1640 - Action by Attorney General or Prosecuting Attorney.

445.1640 Action by attorney general or prosecuting attorney. Sec. 10.  The attorney general or the prosecuting attorney for the county where an alleged violation occurred may bring an action against a person to do 1 or more of the following:  (a) Obtain a declaratory judgment that a method, act, or practice of the person is a violation of this act.  (b) Enjoin a person who is engaging or about to engage in a method, act, or practice that is a violation of this act.  (c) Obtain a civil fine of not more than $10,000.00 for the first offense and not more than $20,000.00 for the second and any subsequent offense. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1641 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1641 - Unintentional and Bona Fide Error.

445.1641 Unintentional and bona fide error. Sec. 11.  (1) A person is not liable for a violation under section 10 if the person shows that the violation was an unintentional and bona fide error notwithstanding the maintenance of procedures reasonably adopted to avoid the error. Examples of a bona fide error include clerical, calculation, computer malfunction, programming, or printing errors. An error in legal judgment with respect to a person's obligations under this act is not a bona fide error.  (2) A person is not liable for a violation under section 10 if, within 60 days after discovery of the violation and before the institution of an action under section 10, the person notifies the borrower or buyer of the violation and corrects the violation in a manner that, to the extent it is reasonably possible to do so, restores the borrower or buyer to the position in which the borrower or buyer would have been if the violation had not occurred.  (3) The person alleged to have violated this act has the burden of proving that he or she is not liable as provided under this section. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1642 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1642 - Enforcement Not Limited.

445.1642 Enforcement not limited. Sec. 12.  This act does not limit the authority of the commissioner, the attorney general, or a county prosecutor to enforce any law under which a person is chartered, organized, licensed, registered, regulated, or otherwise authorized to do business in this state. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1643 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1643 - Model Programs for Financial Education.

445.1643 Model programs for financial education.Sec. 13.  (1) The department of insurance and financial services shall develop and make available to local units of government, financial institutions, and other interested persons 1 or more model programs for financial education.  (2) The program required under this section shall be designed to teach personal financial management skills and the basic principles involved with saving, borrowing, investing, and protection against predatory and other fraudulent lending practices. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002 ;-- Am. 2016, Act 44, Eff. June 13, 2016
MI Comp L § 445.1644 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1644 - Municipal Actions; Statutory Conflict; Preemption; Severability.

445.1644 Municipal actions; statutory conflict; preemption; severability. Sec. 14.  (1) The federal government and state solely regulate the business of brokering, making, servicing, and collecting mortgage loans in this state and the manner in which any such business is conducted.  (2) Any charter, ordinance, resolution, regulation, rule, or other action by a municipal corporation or other political subdivision of this state to regulate, directly or indirectly, the brokering, making, servicing, or collecting of mortgage loans constitutes a statutory conflict with the uniform operation throughout the state of residential mortgage lending and is preempted.  (3) Any charter, ordinance, resolution, regulation, rule, or other action by a municipal corporation or other political subdivision of this state to collect information about, require reporting of, pledges regarding, notices, or certifications concerning loans, lenders, applicants, deposits, or credit experiences, character, and criminal background checks of employees, agents, customers, or other persons is preempted by this act.  (4) Any charter, ordinance, resolution, regulation, rule, or other action by a municipal corporation or other political subdivision of this state that attempts to regulate the brokering, making, servicing, or collecting of mortgage loans constitutes a statutory conflict and is preempted, including, without limitation, if the ordinance, resolution, regulation, or other action does either of the following:  (a) Disqualifies a person, or its subsidiaries or affiliates, from doing business with the municipal corporation or other political subdivision based upon the acts or practices of the person or its subsidiaries or affiliates in brokering, making, servicing, or collecting mortgage loans.  (b) Imposes reporting requirements or other obligations upon a person, or its subsidiaries or affiliates, based upon the person's, or its subsidiaries' or affiliates', acts or practices in brokering, making, servicing, or collecting mortgage loans.  (5) If any provision of this section, or any application of any provision of this section, is for any reason held to be illegal or invalid, the illegality or invalidity shall not affect any legal and valid provision or application of this section, and the provisions and applications of this section shall be severable. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1645 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 660 of 2002 - Consumer Mortgage Protection Act (445.1631 - 445.1645)|Section 445.1645 - Standards; Uniformity; Preemption.

445.1645 Standards; uniformity; preemption. Sec. 15.  (1) The laws of this state relating to the brokering, making, servicing, and collecting of mortgage loans prescribe rules of conduct upon citizens generally, comprise a comprehensive regulatory framework intended to operate uniformly throughout the state under the same circumstances and conditions, and constitute general laws of this state.  (2) Silence in the statutes of this state with respect to any act or practice in the brokering, making, servicing, or collecting of mortgage loans shall not be interpreted to mean that the state has not completely occupied the field or has only set minimum standards in its regulation of brokering, making, servicing, or collecting of mortgage loans.  (3) It is the intent of the legislature to entirely preempt municipal corporations and other political subdivisions from the regulation and licensing of persons engaged in the brokering, making, servicing, or collecting of mortgage loans in this state. History: 2002, Act 660, Imd. Eff. Dec. 23, 2002
MI Comp L § 445.1651 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)|Section 445.1651 - Short Title.

445.1651 Short title. Sec. 1.  This act shall be known and may be cited as the "mortgage brokers, lenders, and servicers licensing act". History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 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.
MI Comp L § 445.1652a-445.1652c (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)|Section 445.1652a-445.1652c - Repealed. 2009, Act 76, Eff. July 31, 2010.

445.1652a-445.1652c Repealed. 2009, Act 76, Eff. July 31, 2010. Compiler's Notes: The repealed sections pertained to services performed by employee or agent of licensee or registrant; procedures for loan officer registration renewal; and, written notice provided to commissioner by loan officer registrant.
MI Comp L § 445.1653 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)|Section 445.1653 - License or Renewal; Application; Form; Investigation; Determination; Issuance; Indemnification.

445.1653 License or renewal; application; form; investigation; determination; issuance; indemnification. Sec. 3.  (1) An application for, or renewal of, a license shall be made in writing to the commissioner on a form prescribed by the commissioner. If the commissioner determines after investigation that the experience, character, business reputation, and general fitness of the applicant and its officers, directors, shareholders, partners, and affiliates command the confidence of the public and warrant the belief that the applicant and its officers, directors, shareholders, partners, and affiliates will comply with the law and that grounds for revoking, suspending, or denying a license under this act do not exist, the commissioner shall issue a license to, or renew the license of, the applicant to act as a mortgage broker, mortgage lender, or mortgage servicer.  (2) A license issued under this section does not approve the use of or indemnify the licensee against claims for the improper use of the business name stated in the license. History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 ;-- Am. 1996, Act 210, Imd. Eff. May 22, 1996 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.
MI Comp L § 445.1655 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 173 of 1987 - Mortgage Brokers, Lenders, and Servicers Licensing Act (445.1651 - 445.1684)|Section 445.1655 - Minimum Net Worth.

445.1655 Minimum net worth. Sec. 5.  A licensee who acts as a mortgage broker and who receives funds from a prospective borrower before the closing of the mortgage loan shall maintain a net worth of not less than $25,000.00. A licensee who acts as a mortgage lender shall maintain a net worth of not less than $25,000.00. A licensee who acts as a mortgage servicer shall maintain a net worth in an amount determined by the commissioner not exceeding $100,000.00. Net worth shall be determined at the conclusion of the fiscal year of the licensee immediately preceding the date an application for a license, or renewal of a license, is submitted to the commissioner. Net worth shall be disclosed on a form prescribed by the commissioner or on a form prepared or reviewed by a certified public accountant and shall be computed in accordance with generally accepted accounting principles. The following assets shall be excluded in the computation of net worth:  (a) That portion of an applicant's assets pledged to secure obligations of any person other than that of the applicant.  (b) Any asset except construction loans receivable, secured by first mortgages from related companies, due from officers or stockholders of the applicant or persons in which the applicant's officers or stockholders have an interest.  (c) An amount in excess of the lower of the cost or market value of mortgage loans in foreclosure, or real property acquired through foreclosure.  (d) An investment shown on the balance sheet in joint ventures, subsidiaries, or affiliates, which is greater than the market value of the assets.  (e) Good will or value placed on insurance renewals or property management contract renewals or other similar intangible value.  (f) Organization costs. History: 1987, Act 173, Imd. Eff. Nov. 18, 1987 ;-- Am. 1996, Act 210, Imd. Eff. May 22, 1996 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.