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MICHIGAN HOUSE BILL 5084
The Michigan legislature amended their Mortgage Loan Originator Licensing Act effective December 5, 2019.
An individual who is a registered loan originator will have temporary authority to act as a mortgage loan originator for a specified period without first obtaining a mortgage loan originator license, if all of the following apply:
An individual who is licensed as a mortgage loan originator in another state will have temporary authority to act as a mortgage loan originator in Michigan without first obtaining a license if all of the following apply:
The period of temporary authority begins on the date when the license application is submitted, the required fee is paid, and the applicable surety bond provisions have been met, and ends on the earliest of the following dates:
A person employing an individual who has temporary authority to act as a mortgage loan originator is subject to the applicable laws to the same extent as if the individual is licensed as a mortgage loan originator.
An individual with temporary authority to act as a mortgage loan originator in Michigan and who engages in residential mortgage loan origination activities is subject to all applicable laws to the same extent as if that individual is licensed as a mortgage loan originator.
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