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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, 1
expires on December 31 of each year. A person may renew a 2
registration or license by filing an application for license or 3
registration renewal and paying the annual operating fee for the 4
succeeding year. The application and payment shall must be received 5
July 03, 2026, Introduced by Rep. Tisdel and referred to Committee on Finance.
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by the commissioner director on or before a date prescribed by the 1
commissioner.director. 2
(2) Not later than 90 days after close of the fiscal year of a 3
licensee or registrant, the licensee or registrant shall annually 4
deliver to the commissioner director a financial statement for the 5
fiscal year prepared from the licensee's or registrant's books and 6
records. At the licensee's or registrant's option, the financial 7
statement may be any of the following: 8
(a) On a form prescribed by the commissioner.director. 9
(b) A report substantially similar to the form prescribed by 10
the commissioner, director, which the licensee or registrant 11
represents to the commissioner director to be true and complete. 12
(c) In a format prepared and certified by an independent 13
certified public accountant licensed by a regulatory authority of 14
any state or political subdivision of the United States. 15
(3) A registrant that is a licensee or registrant under the 16
mortgage brokers, lenders, and servicers licensing act, 1987 PA 17
173, MCL 445.1651 to 445.1684, and that timely files with the 18
commissioner director the financial statement required under 19
section 7 of the mortgage brokers, lenders, and servicers licensing 20
act, 1987 PA 173, MCL 445.1657, is exempt from the filing 21
requirement of subsection (2). 22
(4) At the time of making an initial application for a license 23
under this act, and at the time of making the first application for 24
a license after the suspension or revocation of a license, an 25
applicant for a license shall pay to the commissioner director a 26
fee for investigating the applicant for a license and the annual 27
operating fee established by the commissioner director under 28
subsection (5). To renew a license or registration that has not 29
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been suspended or revoked, the applicant shall only pay to the 1
commissioner director the annual operating fee. 2
(5) If an initial license or registration described in 3
subsection (4) will have an effective date of July 1 or later, the 4
initial annual operating fee for that license is 1/2 of the annual 5
operating fee. 6
(6) The commissioner director shall annually establish a 7
schedule of fees that are sufficient to pay, but not to exceed, the 8
reasonably anticipated costs of the office of financial and 9
insurance regulation department for administering and enforcing 10
this act. The fee schedule shall must include all of the following: 11
(a) For the investigation of an applicant for a license, a fee 12
of not less than $400.00 or more than $1,000.00. 13
(b) Subject to subsection (5), an annual operating fee for 14
each licensee or registrant, based upon on the number of secondary 15
mortgage loans the licensee or registrant brokered to other parties 16
that were closed during the previous calendar year, the number of 17
secondary mortgage loans closed by the licensee or registrant 18
during the previous calendar year, and the dollar volume of 19
secondary mortgage loans serviced by the licensee or registrant as 20
of December 31 of the previous calendar year. The annual operating 21
fee set by the commissioner director under this subsection shall 22
must be based upon on information in reports filed under subsection 23
(13). 24
(c) For amending or reissuing a license or registration, a fee 25
of not less than $15.00 or more than $200.00. 26
(d) A licensee or registrant shall pay the actual travel, 27
lodging, and meal expenses incurred by employees of the office of 28
financial and insurance regulation department who travel out of 29
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state to examine or investigate the records of the licensee or 1
registrant and the cost of independent investigators employed under 2
section 6b(3)(e). 3
(7) Fees received under this act are not refundable. 4
(8) If any fees or penalties provided for in this act are not 5
paid when required, the attorney general may maintain an action 6
against the delinquent licensee or registrant for the recovery of 7
the fees and penalties together with interest and costs. 8
(9) A licensee or registrant that fails to submit to the 9
commissioner director the reports as required by subsections (2) 10
and (13) is subject to a penalty of $25.00 for each day a required 11
report is delinquent or $1,000.00, whichever is less. 12
(10) A license or registration renewal fee that is not 13
received on or before December 31 is subject to a penalty of $25.00 14
for each day the fee is delinquent or $1,000.00, whichever is less. 15
(11) Money received from the fees described in this section 16
shall must be deposited in the MBLSLA fund. As used in this 17
subsection, "MBLSLA fund" means the restricted account created 18
under section 8(8) of the mortgage brokers, lenders, and servicers 19
licensing act, 1987 PA 173, MCL 445.1658.residential mortgage 20
administration fund created in section 153 of the residential 21
mortgage licensing and supervision act. 22
(12) The annual operating fees set by the commissioner shall 23
director must not exceed the levels needed to cover the estimated 24
cost of enforcement of this act. 25
(13) On or before a date to be determined by the commissioner, 26
director, a licensee or registrant shall annually file with the 27
commissioner director a report giving information, as required by 28
the commissioner, director concerning the business and operations 29
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of the licensee or registrant under this act during the immediately 1
preceding calendar year. In addition, the commissioner director may 2
require a licensee or registrant to file special reports as the 3
commissioner director considers reasonably necessary for the proper 4
supervision of licensees or registrants under this act. Reports 5
required under this section shall must be in the form prescribed by 6
the commissioner, director signed, and affirmed. A person who that 7
willfully and knowingly subscribes and affirms a false statement in 8
a report required under this subsection is guilty of a felony , 9
punishable by imprisonment for not more than 15 years. 10
(14) As used in this section: 11
(a) "Department" means the department of insurance and 12
financial services. 13
(b) "Director" means the director of the department. 14
Enacting section 1. This amendatory act does not take effect 15
unless House Bill No. 6177 (request no. H05171'25) of the 103rd 16
Legislature is enacted into law. 17