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Can the Commissioner exam, investigate, and/or bring an action against a loan officer registrant?
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Yes, the Commissioner has authority to exam or investigate a loan officer registrant.
The Commissioner has authority to notify the attorney general or prosecuting attorney of a loan officer or loan officer registrant that has violated the Act.
The Commissioner may bring an action in Ingham county circuit court against a loan officer or loan officer registrant that has violated the Act.
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Is a loan officer registrant subject to the same violations stated in Sections 22 or 22a of the Act as is a licensee or registrant?
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No. These sections were not amended to include loan officer registrant; however, Section 22b was added to state what a loan officer registrant shall not do. Section 22b does not apply to licensees or registrants.
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What are the penalties for a person willfully or intentionally operating as a loan officer in Michigan without first obtaining a loan officer registration as required by the Act?
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Guilty of a misdemeanor punishable by fine of not more than $15,000 and/or 1 year imprisonment.
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Is a loan officer registrant subject to the same fines and penalties as a licensee or registrant?
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Yes, the Commissioner shall revoke a loan officer registration if a loan officer registrant violates Section 22b (e)(ii) of the Act, "…convicted of, or plead no contest to, any of the following:…" "
(ii) A felony."
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