1 individual nominated by any trade association operating in Michigan that represents mortgage brokers, lenders, and servicers (NCUA, MBA, etc.)
2 individuals that provide services to or purchase services from licensees or registrants
Board appointment terms will consist of:
Term limit is 4 years
First Board Term – 3 individuals will serve 2-year terms
No more than 2 consecutive 4-year terms (may reappoint after 12-month period)
No more than 1 member may serve that is employed with or has more than 1% ownership in the same licensee, registrant, affiliate or other person.
Members of the Board shall serve without compensation; however, OFIR shall reimburse a member for travel and other expenses incurred for an official Board function.
The Board shall retain minutes and other records of its meetings, and shall make them available to the commissioner upon request. These documents are to be made available to the public in compliance with the FOIA.
The Board shall review and make recommendation to the commissioner regarding issues and concerns involving:
Course sponsors or providers
Course instructors
Course content and materials
Examination content and procedures
Rules proposed under the Act
Procedures to verify course and examination attendance
Procedures for maintaining confidentiality concerning licensees, registrants, and applicants for licensure or registration
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