Home/Michigan/Statutes/Ch. 493: REGULATORY LOANS/Act 125 of 1981: THE SECONDARY MORTGAGE LOAN ACT (493.51-493.81)/§ 493.70
Michigan Statutes

§ 493.70 — Making or offering to make secondary mortgage loan; terms and conditions.

Michigan § 493.70
JurisdictionMichigan
Ch. 493REGULATORY LOANS
Act 125 of 1981THE SECONDARY MORTGAGE LOAN ACT (493.51-493.81)

This text of Michigan § 493.70 (Making or offering to make secondary mortgage loan; terms and conditions.) 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 § 493.70 (2026).

Text

THE SECONDARY MORTGAGE LOAN ACT (EXCERPT) Act 125 of 1981 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.

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Legislative 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

Nearby Sections

15
§ 493.1
Short title; definitions.
§ 493.10
Commissioner of state banking department; authority to investigate business and examine records; witnesses; examination of licensee; construction of section; disposition of fees.
§ 493.101
Definitions.
§ 493.102
Credit card arrangement; license required; terms and conditions.
§ 493.103
Application for license; oath; form; contents; fees; net worth requirements; rules.
§ 493.104
Investigation; finding; issuance of license; refusal to issue license; expiration of license.
§ 493.105
Duties of commissioner upon refusal to issue license.
§ 493.106
Suspension, revocation, or refusal to renew license; notice; grounds; surrender of license; duration of license; reinstatement or issuance of new license; preexisting lawful contracts.
§ 493.107
Investigations and examination of books, accounts, records, and files; electronic data processing not prohibited; establishment of annual fee schedule; fees nonrefundable; penalty; disposition and use of fees and expenses; action for recovery of fees or expenses.
§ 493.108
Subpoena of witnesses and evidence; oaths and affirmations; noncompliance; order; contempt.
§ 493.109
Books, accounts, and records; maintenance, preservation, and availability; audit; cost.
§ 493.11
Books, accounts, and records of licensee; preservation and accessibility; filing financial statement with commissioner; reports.
§ 493.110
Maximum interest; computation; fee; offer of loan or credit in connection with other accounts, services, or similar agreements; prohibited conditions.
§ 493.111
Truth in lending act; disclosures, information, and notices; applicability.
§ 493.112
Wilful and intentional violation as misdemeanor; conduct barring recovery and entitling consumer to attorney fees and court costs; authorized actions.
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Bluebook (online)
Michigan § 493.70, Counsel Stack Legal Research, https://law.counselstack.com/statute/mi/493/493.70.