Mich. Comp. Laws § 445.1653
License or renewal; application; form; investigation; determination; issuance; indemnification.
Michigan · Michigan Compiled Laws — MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (Act 173 of 1987) · Status: effective
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- Citation
- Mich. Comp. Laws § 445.1653, License or renewal; application; form; investigation; determination; issuance; indemnification, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1362995
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Full text
(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.