Tag Archive: "Michigan"
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Michigan Amends Provisions Regarding Notaries
The state of Michigan amended its provisions with an amendment relating to notaries that include updates to definitions as well as the electronic notarization of documents.
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Michigan Modifies Provisions Regarding Property Recording
The state of Michigan has recently enacted Senate Bill No. 737, regarding the requirements for recording with the register of deeds. These provisions are effective immediately.
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Michigan Amends Requirements for Foreclosure by Advertisement and Limitation of Actions
Michigan has amended 1961 PA 236 (the Act), section 600.3204, concerning foreclosure of a mortgage by advertisement, and section 600.5807, concerning limitation of actions. The amended Act is effective May 7, 2018.
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Michigan Mortgage Loan Originator Licensing Act 2018 Schedule of Fees
The Michigan Department of Insurance and Financial Services has released the schedule of fees under the Mortgage Loan Originator Licensing Act for the licensing year January 1, 2018, to December 31, 2018.
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Michigan Amends Requirements Concerning Statement of Marital Status in Instruments Conveying or Mortgaging Real Estate
Michigan has amended Act 79 of 1915, concerning the required statement of marital status in written instruments conveying or mortgaging real estate, effective immediately.
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Michigan Amends Provisions Concerning Dower Rights
Michigan enacted new legislation that affects a wife’s dower right.
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Michigan Modification to Mortgage Loan Originator Fees
Michigan’s Department of Insurance and Financial Services updated its annual licensing fees for the Mortgage Brokers, Lenders and Servicers Licensing Act and the Secondary Mortgage Act. The current fees will remain in place for the remainder of 2016. The new fees, as outlined below, will be effective between January 1 and December 31, 2017.
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Modification to Michigan Consumer Mortgage Protection Act
Michigan’s Consumer Mortgage Protection Act is “an act to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of the lender in a home loan transaction; to prescribe the powers and duties of certain state agencies and officials; and to prescribe penalties and provide for […]
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Michigan Updates Security Freeze Act
by: Zachary PearlsteinEffective January 3, 2014, the state of Michigan has added provisions under the Security Freeze Act. A “security freeze” is a restriction placed on a consumer’s credit report at the request of the consumer, which prohibits a consumer reporting agency from releasing the consumer’s credit report (or any information derived from the consumer’s […]
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Michigan Modifies Provisions Regarding Foreclosures
by: Zachary PearlsteinMichigan has revised various regulations concerning the redemption of foreclosed property. The revised bill, which is effective immediately, contains the following provisions: 1) A purchaser’s deed is void if the mortgagor (or their heirs or personal representative), or any person lawfully claiming under the mortgagor, redeems the sold premises by paying the required […]