When approved by the Commissioner, the following will be included in the mortgage loan officer registration application:

• Application will be required to become a loan officer registrant.
• Application will be required to be submitted within 90 days after an individual is employed or engaged as an agent to originate mortgage loans for a licensee or registrant.
• Application form shall be prescribed by the Commissioner.
• Form to be used will be the NMLS MU4 (national uniform application) with Michigan specifics.

• Name and address of individual applying for a loan officer registrant.
• Name and address of licensee or registrant.
• Statement whether the loan officer registrant applicant has been convicted of a misdemeanor or felony (see full, specific wording).
• Statement whether the loan officer registrant applicant has had an application denied, or license, etc. revoked or suspended, including a license or registration in which the individual held more than 25% of the ownership interest or was a loan officer.
• Signed (this section does not specify signature or if a copy is acceptable) Certificate of Completion, which provides evidence that the loan officer registrant applicant has completed at least 24 hours of live classroom instruction in Michigan by an approved instructor.
• Signed (this section does not specify signature) certificate providing evidence that the loan officer registrant has correctly answered at least 75% of the questions on a loan officer examination.
• Copy of the criminal background check

• The commissioner will issue a loan officer registration to an individual that meets all of the following:

• Submits a complete loan officer registrant application
• Submits the required loan officer registration fee
• Submits the required criminal background check
• Does not meet any of the denial requirements under Section 2(a)(6)
• Submits a Certification of Completion that verifies that he or she has completed at least 24 hours of live professional classroom instruction (at least 3 hours concerning State and Federal laws and regulations)
• Submits verification that he or she has answered correctly at least 75% of the examination questions.

• The commissioner shall issue a loan officer registration to an individual that meets all of the following:
  • Submits verification that he or she has taken the examination within 8 months of the effective date of the Bills and answered correctly at least 75% of the examination questions.
  • Submits verification that he or she was employed or engaged as a loan officer for at least 4½ years for the 5-year period immediately preceding the effective date of the Bills.
  • Submits verification that he or she has not been issued a prohibition order pursuant to Section 18a in the 5-year period immediately preceding the effective date of the Bills.
  • Submits verification that he or she has taken the examination within 8 months of the effective date of the Bills and answered correctly at least 75% of the examination questions.
  • He or she submits a complete loan officer registrant application within 8 months of the effective date of the Bills (the classroom instruction is not required if he or she meets the above requirements).
  • Submits the required loan officer registration fee
  • Submits the required criminal background check
  • Does not meet any of the denial requirements under Section 2(a)(6)

• The commissioner shall not issue a loan officer registration to an individual that has been convicted of, or pled no contest to:

• A FELONY involving embezzlement, forgery, fraud, a financial transaction or securities.
• A MISDEMEANOR involving embezzlement, forgery, fraud, a financial transaction or securities.
• A FELONY not involving embezzlement, forgery, fraud, a financial transaction or securities 10 years prior to the date of the individual’s loan officer registration renewal.

• The commissioner shall not issue a loan officer registration to an individual that has been issued a prohibition order pursuant to Section 18a.
• The commissioner shall not issue a loan officer registration to an individual that has not submitted to the commissioner his/her criminal records check.

• Loan officer registration terminates December 31 of each year unless it is renewed on or before that date.
• Renewal application and the annual operating fee are required to be received annually before December 1.
• Submitted by the licensee or registrant.
• On a form prescribed by the Commissioner.
• Name, address, and current license/registration number of licensee or registrant that the loan officer registrant originates mortgage loans.
• Name and address of individual renewing his/her for a loan officer registration.
• Current license/registration number of licensee or registrant that the loan officer registrant originates mortgage loans.
• Statement whether the loan officer registrant has had an application denied, or license, etc. revoked or suspended, including a license or registration in which the individual held more than 25% of the ownership interest or was a loan officer.
• Signed (this section does not specify signature or if a copy is acceptable) Certificate of Completion, which provides evidence that the loan officer registrant applicant has completed at least 6 hours of instruction in a course or courses relevant to the mortgage lending industry.  The 6 hours shall include at least 1.5 hours related to legal and regulatory compliance, and at least 1 hour related to ethics and fraud prevention.
• Signed and dated affidavit (copy retained by the licensee or registrant) that discloses any criminal conviction or plea of no contest by the loan officer registrant.  Either:

• The date of the background records check provided at the time of the loan officer registrant’s initial registration application if this is the loan officer registrant’s initial renewal application; or
• The date of the most recent affidavit provided by the loan officer registrant to the licensee or registrant if this is the loan officer registrant’s second or subsequent renewal application.

• If an individual has a valid, similar license or registration as a loan officer from another State, verification that he or she is in compliance with the instructional requirements of that state at the time of renewal application.