Amends the Michigan licensing and supervision act for mortgage brokers and lenders.
The bill amends sections 8 and 32 of the 1987 Michigan licensing and supervision act for mortgage brokers and lenders. It revises the fees for investigating applicants and renewing licenses, sets penalties for delinquent reports and fees, and establishes a schedule of annual operating fees. The bill also outlines procedures for appointing a conservator for licensees or registrants who fail to service mortgage loans, including the transfer of funds and closure of accounts.
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