Act 125 of 1981 The Secondary Mortgage Loan Act (493.51 - 493.81)

Act 125 of 1981 The Secondary Mortgage Loan Act (493.51 - 493.81)

Section 493.51 Short Title; Definitions.
Section 493.52 Broker, Lender, or Servicer; License or Registration Required; Exemption; Use of Name or Assumed Name.
Section 493.52a-493.52d Repealed. 2009, Act 77, Eff. July 31, 2010.
Section 493.53 Application for License or Registration; Form and Contents.
Section 493.53a Broker, Lender, or Servicer; Registration With Commissioner; Form.
Section 493.54 Fees.
Section 493.55 Investigation; Issuance or Refusal to Issue License.
Section 493.56 License or Registration; Filing Application or Renewal; Bond or Letter of Credit; Claims Filed Against Proof of Financial Responsibility; Maintenance of Net Worth; Determination; Assets Excluded From Computation.
Section 493.56a Registration or License; Expiration; Renewal; Filing Financial Statement; Exemption; Fees; Failure to Submit Reports or Fees; Disposition of Money Received; "Mblsla Fund" Defined; Limitation on Fees; Annual Report; Additional Reports; False Statement as Felony.
Section 493.56b Powers of Commissioner.
Section 493.57 Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
Section 493.58 Summary Suspension of License or Registration; Order; Affidavit; Service; Filing Request for Hearing; Duration of License Suspension; Record.
Section 493.59 Order in Addition to Other Legal Actions.
Section 493.60 Complaint; Forwarding to Licensee or Registrant; Response; Investigation or Administrative Action.
Section 493.61 Suspension, Revocation, or Refusal to Issue or Renew License or Registration; Notice; Hearing; Findings; Facts or Conditions; Surrender of License or Registration; Preexisting Contract Not Affected; Lost or Destroyed License or Registration Certificate.
Section 493.62 Contracts or Commitments Made Prior to Suspension or Revocation.
Section 493.62a Conservator; Appointment; Reimbursement of Expenses; Powers; Termination; Disposition of Compensation and Expenses; Disbursement of Funds and Interest.
Section 493.63 Duration of License or Registration; Reinstatement of Suspended License or Registration; Issuing New License or Registration; Consent Required for Transfer or Assignment; Requirements for Transfer.
Section 493.64 Order to Cease and Desist; Issuance; Conditions; Notice; Hearing; Failure to Appear as Consent; Service or Order; Effective Date and Enforcement.
Section 493.64a Fraud.
Section 493.64b Hearing; Final Decision; Judicial Review; Stay of Commissioner's Order.
Section 493.64c Enforcement of Order; Jurisdiction.
Section 493.64d Violation as Misdemeanor; Penalty.
Section 493.64e Violation of Order; Exceptions.
Section 493.65 Subpoena of Witnesses and Evidence; Oaths and Affirmations; Certain Conduct as Misdemeanor.
Section 493.66 Failure to Testify or Comply With Subpoena; Court Order; Contempt.
Section 493.67 Maintaining Records Relating to Conduct of Business; Availability; Statement of Borrower's Account; Ledger History; Obligation of Servicer; Fee Prohibited.
Section 493.68 Documents; Preservation; Other Books, Accounts, Records, and Documents.
Section 493.69 Repealed. 1997, Act 91, Imd. Eff. Aug. 1, 1997.
Section 493.70 Making or Offering to Make Secondary Mortgage Loan; Terms and Conditions.
Section 493.71 Interest Rate; Limitation; Computation; Prepaid Finance Charge or Fee.
Section 493.72 Charges and Fees Includable in Principal; Interest Authorized by Law; Sale of Insurance; Hazard Insurance; Charges Permitted by Federal Lending Program.
Section 493.73 Instrument Evidencing or Securing Secondary Mortgage; Contents.
Section 493.74 Licensee or Registrant; Prohibited Conduct.
Section 493.75 Violation of Consumer Credit Protection Act as Violation of Act.
Section 493.76 Advertising; Prohibited Conduct.
Section 493.76a Repealed. 2009. Act 77, Eff. July 31, 2010.
Section 493.77 Violation of Act; Making Secondary Mortgage Loans Without License as Misdemeanor; Penalty; Civil Fine; Actions.
Section 493.78 Rules.
Section 493.79 Construction of Act; Applicability.
Section 493.79a Applicability of Act to Nonprofit Corporation.
Section 493.80 Persons Permitted to Make Secondary Mortgage Loans.
Section 493.81 Powers and Duties of Attorney General.

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