Michigan § 445.1653 License or renewal; application; form; investigation; determination; issuance; indemnification.

Michigan Statutes

§ 445.1653 — License or renewal; application; form; investigation; determination; issuance; indemnification.

Michigan § 445.1653

Ch. 445TRADE AND COMMERCE

Act 173 of 1987MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (445.1651-445.1684)

This text of Michigan § 445.1653 (License or renewal; application; form; investigation; determination; issuance; indemnification.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 445.1653 (2026).

Text

MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (EXCERPT) Act 173 of 1987 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 exi

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MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (EXCERPT) Act 173 of 1987 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.

Legislative 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.