How our department monitors insurance market practices
Insurance Company Contract and Rate Filings
DIFS Prohibition Orders for Consumer Finance and Credit Union.
Licensing - Consumer Finance and Mortgage
Consumer Finance and Mortgage Forms
BIDCO and Anti-Redlining Forms.
Statutes, Rules and Regulations
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Mortgage Brokers, Lenders, and Servicers Licensing Act, section 22a, MCL 445.1672a, prohibits making a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans. Further, the licensee/registrant cannot advertise any size of loan, security required for a loan, rate of charge, or other condition of lending except with the full intent of making loans at those rates, or lower rates, and under those conditions
Secondary Mortgage Loan Act, section 26, MCL 493.76, prohibits making a false, misleading, or deceptive advertisement regarding secondary mortgage loans or the availability of secondary mortgage loans. Further, the licensee/registrant cannot advertise any size of loan, security required for a loan, rate of charge, or other condition of lending except with the full intent of making loans at those rates, or lower rates, and under those conditions.
Consumer Mortgage Protection Act, section 4(5), MCL 445.1634, provides that a statement or representation is deceptive or misleading if it has the capacity to deceive or mislead a borrower or potential borrower. The commissioner will consider any of the following factors in deciding whether a statement or representation is deceptive or misleading:
Regulation Z, section 226.16, (pertaining to open end credit) describes what information must be included in advertisements, additional requirements for home equity plans, and alternate disclosure for television or radio advertisements.
Regulation Z, section 226.24, (pertaining to closed end credit) describes what information must be included in certain advertisements, including credit secured by a dwelling, and prohibited acts or practices in advertisements for credit secured by a dwelling.
