HB 6202

HOUSE BILL NO. 6202
A bill to amend 1981 PA 125, entitled
"The secondary mortgage loan act,"
by amending section 6a (MCL 493.56a), as amended by
2009 PA 77.
the people of the state of michigan enact:
Sec. 6a. (1) A registration or license, unless it is
renewed, expires on December 31 of each year. A person may renew a registration
or license by filing an application for license or registration renewal and
paying the annual operating fee for the succeeding year. The application and
payment shall must be
received by the commissioner director on or before a date prescribed by the commissioner.director.
(2) Not later than
90 days after close of the fiscal year of a licensee or registrant, the
licensee or registrant shall annually deliver to the commissioner director a
financial statement for the fiscal year prepared from the licensee's or
registrant's books and records. At the licensee's or registrant's option, the
financial statement may be any of the following:
(a) On a form
prescribed by the commissioner.director.
(b) A report
substantially similar to the form prescribed by the commissioner, director, which
the licensee or registrant represents to the commissioner
director to be true and complete.
(c) In a format
prepared and certified by an independent certified public accountant licensed
by a regulatory authority of any state or political subdivision of the United
States.
(3) A registrant
that is a licensee or registrant under the mortgage brokers, lenders, and
servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684, and that timely
files with the commissioner director the financial statement required under
section 7 of the mortgage brokers, lenders, and servicers licensing act, 1987
PA 173, MCL 445.1657, is exempt from the filing requirement of subsection (2).
(4) At the time of
making an initial application for a license under this act, and at the time of
making the first application for a license after the suspension or revocation
of a license, an applicant for a license shall pay to the commissioner director a
fee for investigating the applicant for a license and the annual operating fee
established by the commissioner director under subsection (5). To renew a license or
registration that has not been suspended or revoked, the applicant shall only
pay to the commissioner director the annual operating fee.
(5) If an initial
license or registration described in subsection (4) will have an effective date
of July 1 or later, the initial annual operating fee for that license is 1/2 of
the annual operating fee.
(6) The commissioner director shall
annually establish a schedule of fees that are sufficient to pay, but not to
exceed, the reasonably anticipated costs of the office
of financial and insurance regulation department
for administering and enforcing this act. The fee schedule shall must include
all of the following:
(a) For the
investigation of an applicant for a license, a fee of not less than $400.00 or
more than $1,000.00.
(b) Subject to
subsection (5), an annual operating fee for each licensee or registrant, based upon on the number
of secondary mortgage loans the licensee or registrant brokered to other
parties that were closed during the previous calendar year, the number of
secondary mortgage loans closed by the licensee or registrant during the
previous calendar year, and the dollar volume of secondary mortgage loans
serviced by the licensee or registrant as of December 31 of the previous
calendar year. The annual operating fee set by the commissioner
director under this subsection shall must be
based upon on information
in reports filed under subsection (13).
(c) For amending or
reissuing a license or registration, a fee of not less than $15.00 or more than
$200.00.
(d) A licensee or
registrant shall pay the actual travel, lodging, and meal expenses incurred by
employees of the office of financial and insurance
regulation department who travel out of
state to examine or investigate the records of the licensee or registrant and
the cost of independent investigators employed under section 6b(3)(e).
(7) Fees received
under this act are not refundable.
(8) If any fees or
penalties provided for in this act are not paid when required, the attorney
general may maintain an action against the delinquent licensee or registrant
for the recovery of the fees and penalties together with interest and costs.
(9) A licensee or
registrant that fails to submit to the commissioner
director the reports as required by
subsections (2) and (13) is subject to a penalty of $25.00 for each day a
required report is delinquent or $1,000.00, whichever is less.
(10) A license or
registration renewal fee that is not received on or before December 31 is
subject to a penalty of $25.00 for each day the fee is delinquent or $1,000.00,
whichever is less.
(11) Money received
from the fees described in this section shall must be deposited in the MBLSLA
fund. As used in this subsection, "MBLSLA fund" means the restricted
account created under section 8(8) of the mortgage brokers, lenders, and
servicers licensing act, 1987 PA 173, MCL 445.1658.residential mortgage administration fund created in section
153 of the residential mortgage licensing and supervision act.
(12) The annual
operating fees set by the commissioner shall director must not exceed the levels needed to cover
the estimated cost of enforcement of this act.
(13) On or before a
date to be determined by the commissioner, director, a licensee or registrant shall annually
file with the commissioner director a report giving information, as required by
the commissioner, director
concerning the business and operations of the licensee or registrant
under this act during the immediately preceding calendar year. In addition, the
commissioner director
may require a licensee or registrant to file special reports as the commissioner director considers
reasonably necessary for the proper supervision of licensees or registrants
under this act. Reports required under this section shall must be in
the form prescribed by the commissioner, director signed, and affirmed. A person who that willfully
and knowingly subscribes and affirms a false statement in a report required
under this subsection is guilty of a felony , punishable by imprisonment for not more than 15
years.
(14) As used in this section:
(a) "Department" means the department of insurance and
financial services.
(b) "Director" means the director of the department.
Enacting section 1.
This amendatory act does not take effect unless House Bill No. 6177 (request
no. H05171'25) of the 103rd Legislature is enacted into law.