The Consumer Finance and Mortgage Examination & Investigation Sections are responsible for licensing, examining, investigating, and supervising over 6,000 licensees and registrants pursuant to the following eleven Michigan consumer finance and mortgage statues: Consumer Financial Services Act, Credit Card Act, Mortgage Brokers, Lenders, and Servicers Licensing Act, Motor Vehicle Sales Finance Act, Regulatory Loan Act, Money Transmission Services Act, Deferred Presentment Service Transactions Act, Debt Management Act, Mortgage Loan Originator Licensing Act, Secondary Mortgage Loan Act and Premium Finance (Insurance Code).
The sections supervise primarily non-depository licensees and registrants to ensure each operates safely, responsibly, and in compliance with applicable law.
The sections are also responsible for initiating enforcement actions against licensees and registrants in accordance with the statutes noted above and the Michigan Administrative Procedures Act. Additionally, the sections are responsible for handling complaints filed by consumers against licensees. |
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