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Does the First Mortgage Act require a licensee or registrant to have an actual physical office location in Michigan? |
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The Mortgage Brokers, Lenders, and Servicers Licensing Act and the Secondary Mortgage Loan Act do not require that an intended licensee or registrant have a physical location in the state of Michigan. However, a licensee or registrant is required to have a Michigan resident agent.
Also, if an intended licensee or registrant is a corporation, limited liability company, etc., authority to conduct business as a foreign entity, or an exemption, must be obtained from the Corporation Division of the Bureau of Commercial Services.
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Do Michigan laws apply to credit cards issued by out of state banks? |
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No, the laws of the state where the issuing bank is domiciled would apply.
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How do I apply for a license to make mortgage loans? |
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Use the FIS 1018 First Mortgage Broker Lender and/or Servicer License Application. Procedures are included in the application. Licensing personnel are available to answer questions about licensing requirements at (877) 999-6442
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I would like to sell automobiles on installment sale contracts and possibly purchase installment contracts from other dealers. Do I need a license? |
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You would need an installment sellers license in order to sell motor vehicles on installments, and you would need a sales finance company license to purchase those types of contracts from other dealers. If you would like to obtain an installment sellers and/or sales finance company license, use the FIS 1028 Motor Vehicles Sales Finance Act License Application. For questions about this application, contact us at (877) 999-6442.
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What is the difference between a bank and a mortgage company? |
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Both banks and mortgage companies can make mortgage loans. Banks, however, can also take deposits of your money, which can be placed into a savings account or checking account, but mortgage companies cannot take deposits.
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I applied for a mortgage loan and I think I was "red-lined". What should I do? |
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If you feel that your loan was denied because of the ethnic characteristics of the neighborhood you live in or because of the geographic area in which the property in question is located, you can contact us at (877) 999-6442 and request a complaint form.
If you feel that your loan was denied because of your religion, race, color, national origin, age, sex, height, weight, or marital status, you can call the Department of Civil Rights at (313) 256-2663 for further information.
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My mortgage company refuses to give me a copy of my appraisal report. What can I do? |
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Regulation B, issued by the Federal Reserve Board, requires that the lender provide you with a copy of your appraisal report, but only if you paid for it. You must make a written request for a copy of your appraisal. If the mortgage company continues to refuse to supply you with a copy of your appraisal report, you can contact us at (877) 999-6442 and request a complaint form. Upon receipt of the completed form, the Division will contact the mortgage company on your behalf.
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I bought a car yesterday, but I've changed my mind and want to return it, but the dealer won't take the car back. Don't I have three days to cancel the contract? |
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No. There is no right of rescission on automobile purchases.
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What is the highest rate of interest I can be charged on a mortgage loan? |
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PL 96-221 (a federal law) eliminated interest rate ceilings on all first lien mortgage loans in 1981.
If you would like more information on interest rates in Michigan, please see the Michigan Statutory Interest Rate Ceilings.
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