Written contract required — Contract entered by loan originator binding on mortgage broker — Written correspondent or loan broker agreement required.

(1) Every contract between a mortgage broker, or a loan originator, and a borrower shall be in writing and shall contain the entire agreement of the parties.

(2) Any contract under this section entered by a loan originator shall be binding on the mortgage broker.

(3) A mortgage broker shall have a written correspondent or loan broker agreement with a lender before any solicitation of, or contracting with, the public.

[2006 c 19 § 6; 1994 c 33 § 19; 1987 c 391 § 6.]