Mich. Admin. Code R. 493.111 - Records; daily transactions; borrowers; foreclosure loan accounts; location of records

Current through Vol. 22-05, April 1, 2022

Rule 11.

(1) A licensee or registrant shall maintain a record of all transactions covered by the act involving receipt or disbursement of money by the licensee or registrant each day. The record shall identify each transaction and show all of the following:
(a) All payments received, shown separately.
(b) Account numbers.
(c) Names of borrowers.
(d) Amounts disbursed.A licensee or registrant shall post and balance the record daily.
(2) A servicer shall maintain a record for each borrower. The record shall contain all of the following information:
(a) Borrower's name and address.
(b) Loan number.
(c) Loan amount.
(d) The date any adjustment is made to the contract rate and the adjusted rate.
(e) Loan date.
(f) Contract rate.
(g) Repayment terms.
(h) Address of security.
(i) Any amount received or withheld from the borrowers as a premium for insurance in connection with the loan and the term covered by the insurance policy.
(j) The dates and amounts of all principal payments received, interest charges received, and cash disbursements pertaining to the loan, including court costs.
(k) The date to which interest charges are paid and the unpaid principal balance.
(l) Description and amount of fees collected from the borrower.
(3) A licensee or registrant shall maintain a list of all foreclosure loan accounts.
(4) A licensee or registrant shall store and make available, at the address appearing on the licensee's or registrant's license or registration certificate, all records maintained on transactions covered by the act. A licensee or registrant may store records at a site other than the address appearing on the licensee's or registrant's license or registration certificate if the licensee or registrant provides the commissioner with a notice of the site's address indicating which records are stored at the site's address.

Notes

Mich. Admin. Code R. 493.111
1982 AACS; 1998-2000 AACS

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