Beginning January 1, 2009, an employee or agent of a licensee or registrant shall not perform services of a loan officer unless he or she registers or otherwise complies with this section. New Michigan Loan Originator License Legislation
Requirements: [1] a criminal records check include a check of the individual’s fingerprints, [2] apply for loan officer registration under this section within 90 days after he or she begins providing services as an employee or agent of the licensee or registrant, by submitting the application and the annual operating fee [3] certificate of completion that the applicant has completed at least 24 hours of live professional classroom instruction in this state in an introductory course in residential mortgage lending which includes at least 3 hours of live classroom instruction concerning state and federal laws and regulations governing residential mortgage lending [4] applicant correctly answered at least 75% of the questions on an examination
Beginning January 1, 2009, an applicant for loan officer registration may perform services as a loan officer while his or her application is pending if all of the following are met:(a) The licensee or registrant that is the employer or principal of the applicant has completed the criminal records check of the applicant described in subsection and submitted the results of that criminal records check to the commissioner (b) The criminal records check described in subdivision (a) does not disclose that the applicant has been convicted of, or pled no contest to, any of the following:(i) A felony or misdemeanor involving embezzlement, forgery, fraud, a financial transaction, or securities.(ii) Within the 10-year period preceding the date of the application, a felony (c) The licensee or registrant that is the employer or principal of the applicant has provided the commissioner with written notice that the applicant is beginning to provide services as a loan officer for the licensee or registrant.
The commissioner must register a loan officer who meets all of the following: (a) For the 5-year period, he or she was employed or engaged as a loan officer for at least 4-1/2 years by 1 or more licensees, registrants, or persons exempt. (b) He or she was not the subject of any prohibition orders (c) Within 8 months, he or she takes the examination and correctly answers at least 75% of the questions on the examination (d) Within 8 months, he or she submits an application However, the applicant is not required to complete or submit proof of completion of the instruction.
