Great Lakes Realty Systems, Inc. - Course 1000 Series Resource Center - Module 1

Course 1000 Series Michigan
Real Estate Continuing Education

MODULE 1: MICHIGAN LAWS AND RULES UPDATE

•	1.01: Minimum Service Requirements
•	1.02: Builder License Law Amendments
•	1.03: State Real Estate Transfer Tax Exemption
•	1.04: Corporate Brokerages Update
•	1.05: Foreclosure During Military Service
•	1.06: Michigan State Housing Development Authority (MSHDA)
•	1.07: Owner Built Residence Transfer Act
•	1.08: Mortgage Loan Officer Registration
•	1.09: Principal Residence Exemption
•	1.10: State Construction Code

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1.01: Minimum Service Requirements
	•	Public Acts 90-91 of 2008 (116k)
	•	Prescribed Disclosure Regarding Real Estate Agency Relationships (17k)
	•	Prescribed Limited Service Agreement (12k)

1.02: Builder License Law Amendments
	•	Public Acts 155-158 of 2007 (153k)

1.03: State Real Estate Transfer Tax Exemption
	•	Michigan Attorney General Opinion 7214 (38k)
	•	MI Dept of Treasury Form 2796 (252k - Rev 11/09)

1.04: Corporate Brokerages Update
	•	Professional Service Corporation Act (20k)
	•	Business Corporation Act (316k)
	•	Miller v Allstate Ins Co - MI Ct of App (100k)
	•	Miller v Allstate Ins Co - MI Sup Ct (137k)

1.05: Foreclosure During Military Service
	•	Public Act 138 of 2008 (95k)
	•	Servicemembers Civil Relief Act (107k)

1.06: Michigan State Housing Development Authority (MSHDA)
	•	MSHDA Website
	•	Public Acts 53-58 of 2008 (168k)
	•	IRS Form 8828 (48k)

1.07: Owner Built Residence Transfer Act
	•	Public Act 6 of 2008 (95k)

1.08: Mortgage Loan Officer Registration
	•	Public Acts 59-72 of 2008 (252k)

UPDATE! The Michigan Legislature enacted Public Acts 325-326 of 2008 (132k), effective December 19, 2008, which require similar loan officer registration requirements under the Secondary Mortgage Loan Act for individuals originating or servicing secondary mortgage loans. These new requirements became effective on April 1, 2009.

Public Act 327 of 2008 (97k) amended the Mortgage Brokers, Lenders and Servicers Licensing Act (MBLSLA) by delaying the effective date for mortgage loan officer registration until April 1, 2009 so as to coincide with the effective date of Public Acts 325-326.

1.09: Principal Residence Exemption
	•	MI Dept of Treasury Form 2368 (65k)
	•	MI Dept of Treasury Form 2602 (53k)
	•	Public Act 96 of 2008 (109k)
	•	MI Dept of Treasury Form 4640 (60k)
	•	Public Act 243 of 2008 (95k)

UPDATE! At the time the Legislature enacted Public Act 243 of 2008, it wasn't clear whether the Michigan Department of Treasury would modify the current MDT Form 2368 or instead create a new form for this purpose.

Treasury has since issued a new form, MDT Form 4660 – Principal Residence Exemption Active Duty Military Affidavit (185k), which the service member must file by May 1 of the first calendar year for which the exemption is claimed.

1.10: State Construction Code
	•	Public Act 245 of 1999 (104k)
	•	2003 MUEC (153k)
	•	Mich Assn of Home Builders v Dir of DLEG - MI Ct of App (118)
	•	Mich Assn of Home Builders v Dir of DLEG - MI Sup Ct (119k)

UPDATE! As noted in the course manual, the MAHB v DLEG lawsuit was back in the Ingham County Circuit Court with a trial date scheduled for late 2008.

Upon receiving the case for the second time, the Circuit Court judge dismissed the challenge on October 24, 2008. The MAHB elected not to appeal this decision and, as a result, the new 2003 MUEC (153k) finally became effective on that date.