Yes, the commissioner has authority to examine or investigate a loan officer registrant, can notify the attorney general or prosecuting attorney of a loan officer or loan officer registrant that has violated the Act, and may bring an action in Ingham County Circuit Court against a loan officer or loan officer registrant that has violated the Act.

No, these sections were not amended to include loan officer registrant; however, Section 22b of the Mortgage Brokers, Lenders, and Servicers Licensing Act and Section 26a of the Secondary Mortgage Loan Act were added to state what a loan officer registrant shall not do and these sections do not apply to licensees or registrants.

It amended the provision of the sentencing guidelines that categorizes a licensing violation of the Secondary Mortgage Loan Act by reducing the maximum term of imprisonment for making secondary mortgage loans without a license from three years to one year, increasing the maximum fine from $5,000 to $15,000, and extending the penalty to acting without a loan officer registration.

Guilty of a misdemeanor punishable by fine of not more than $15,000 and/or 1 year imprisonment.

Yes.  Also, the commissioner shall revoke a loan officer registration if a loan officer registrant violates Section 22b(e)(ii) of the Mortgage Brokers, Lenders, and Servicers Licensing Act, "…convicted of, or plead no contest to, any of the following:…" "(ii) A felony."

The following items need to be retained in a unique file onsite and an additional copy at a secured offsite location to be available for examination:

• A copy of the Loan Officer Request for Registration and Michigan-Specific Supplement to Form MU4 (FIS 2080).
• The criminal records check results.
• A Certificate of Completion or evidence of exemption for the 24 hours pre-registration education.
• Examination results indicating a score of at least 75%.
• Verification the licensee or registrant has access in NMLS to loan officer registrant applicant’s Form MU4.
  
• Renewal application.
• A Certificate of Completion for the 6 hours continuing education.
• Affidavit that discloses any criminal conviction or plea of no contest by the loan officer registrant provided at the loan officer registrant’s second or subsequent renewal application.