Mich. Comp. Laws § 487.2066a
Licensee engaged in loan servicing activities; appointment of conservator or receiver.
Michigan · Michigan Compiled Laws — CONSUMER FINANCIAL SERVICES ACT (Act 161 of 1988) · Status: effective
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- Citation
- Mich. Comp. Laws § 487.2066a, Licensee engaged in loan servicing activities; appointment of conservator or receiver, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1366460
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Full text
If the commissioner determines that a licensee engaging in loan servicing activities, intentionally or as a result of gross or wanton negligence, is not servicing, as applicable, mortgage loans or secondary mortgage loans as required by law or by the terms of the servicing contracts, the commissioner may appoint a conservator for the licensee and require the conservator to provide a bond or security as the commissioner considers necessary. Alternatively, the commissioner, through the attorney general, may apply to the circuit court for the county in which the licensee is located for the appointment of a receiver for the licensee.