Governor signs law tightening lender checks
Posted: 12.19.2008 at 5:44 AM
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LANSING, MI. (AP) -- Mortgage loan officers will face tighter scrutiny under a new law signed by Gov. Jennifer Granholm.

The measure signed Thursday will strengthen background checks on mortgage loan officers by requiring a fingerprint check by the FBI as well as state police. It also makes other changes.

The tougher requirements are part of a package of new laws aimed at protecting Michigan consumers from mortgage fraud and unfair lending practices.

The new law triples the fine to $15,000 for anyone dealing with secondary mortgage loans who's not properly licensed or registered.

(Copyright ©2008 by The Associated Press. All Rights Reserved.)