Michigan Enacts Legislation to Provide Temporary Authority to Operate

Governor Gretchen Whitmer recently signed HB5084, amending sections 493.133 and .135 of the Michigan Compiled Laws to provide 120-day temporary authority to originate loans in Michigan for federally registered loan originators moving to a licensed institution, or for currently state-licensed loan originators applying for a loan originator license in Michigan.

This legislation is in connection with Section 106 of the federal Economic Growth, Regulatory Relief, and Consumer Protection Act, and also provides that, while employed by a Michigan-licensed mortgage company, licensed loan originators from another state may have temporary authority to act as state-licensed loan originators for a period not to exceed 120 days while their Michigan license application is pending.  Loan originators with temporary authority are subject to the applicable laws of Michigan to the same extent as persons licensed by Michigan. The bill is effective immediately.