MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (EXCERPT) Act 173 of 1987
445.1672a Mortgage loans; prohibited advertising.
Sec. 22a.
(1) A licensee or registrant shall not, directly or indirectly, make a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans.
(2) A licensee or registrant shall not 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, to mortgage loan applicants who meet the standards or qualifications prescribed by the licensee or registrant.
History: Add. 1996, Act 210, Imd. Eff. May 22, 1996 ;-- Am. 2008, Act 70, Imd. Eff. Apr. 3, 2008 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (EXCERPT) Act 173 of 1987
445.1672a Mortgage loans; prohibited advertising.
Sec. 22a.
(1) A licensee or registrant shall not, directly or indirectly, make a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans.
(2) A licensee or registrant shall not 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, to mortgage loan applicants who meet the standards or qualifications prescribed by the licensee or registrant.
History: Add. 1996, Act 210, Imd. Eff. May 22, 1996 ;-- Am. 2008, Act 70, Imd. Eff. Apr. 3, 2008 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (EXCERPT) Act 173 of 1987
445.1672a Mortgage loans; prohibited advertising.
Sec. 22a.
(1) A licensee or registrant shall not, directly or indirectly, make a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans.
(2) A licensee or registrant shall not 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, to mortgage loan applicants who meet the standards or qualifications prescribed by the licensee or registrant.
History: Add. 1996, Act 210, Imd. Eff. May 22, 1996 ;-- Am. 2008, Act 70, Imd. Eff. Apr. 3, 2008 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
