§ 493.59 — Order in addition to other legal actions.

Michigan § 493.59

• Jurisdiction: Michigan
• Ch. 493: REGULATORY LOANS
• Act 125 of 1981: THE SECONDARY MORTGAGE LOAN ACT (493.51-493.81)

Text

THE SECONDARY MORTGAGE LOAN ACT (EXCERPT) Act 125 of 1981 493.59 Order in addition to other legal actions. Sec. 9. A summary suspension order, cease and desist order, or injunctive relief issued or granted in relation to a license or registration shall be in addition to an informal conference, criminal prosecution, or proceeding to deny, revoke, or suspend a license or registration, or any other legal action.

Legislative History

1981, Act 125, Imd. Eff. July 23, 1981 ;-- Am. 1997, Act 91 , Imd. Eff. Aug. 1, 1997 Constitutionality: In Wachovia Bank v Watters, 431 F 2d 556 (2005), the 6th circuit court of appeals held that the national bank act and implementing federal regulations preempt conflicting Michigan law as to provisions requiring registration before a mortgage lender may conduct business in Michigan, payment of registration and renewal fees, submission of financial statements, and certain investigatory and regulatory powers of the insurance commissioner. (United States Supreme Court granted certiorari June 1, 2006.) 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