Posted by Deb on November 13, 2001 at 15:18:26:
Sorry for the confusion, What I ment to say was, depending on what you plan to do you may need to be licensed,
check it out call
The Licensing Div of Financial & Insurance talk to Pam Baker and tell her what you plan to do and she will explain the differences between Retail Installment Sales & the Regulatory Loan Act, and go from there.
Their number is 877-999-6442
Also a good website to check out is Mich Dept of Attorney General, this gives you the Statues of consumer Retail Installment Sales for Michigan.
Every bit of information is a plus in this business.
I hope this helps - Good Luck!
Mobile home investing in Michigan - Posted by Jason
Posted by Jason on November 09, 2001 at 18:15:35:
Been thinking about getting into mobile homes. Just found out you need to be licensed. Anybody go through this? Looks fairly simple. Pay 150 bucks and get a $10k bond…Do you need a place of business or can I be home based? I would love to talk with anybody doing this… Seems we have mobile home parks everywere… Cant wait to get started…
I am in the livonia area…
Re: Mobile home investing in Michigan - Posted by Deb
Posted by Deb on November 12, 2001 at 14:31:39:
Call Michigan Department of Consumer & Industry Services (Manufactured Housing) 517-241-6300, Lansing, Michigan, For more information.
From what I have found out, when applying:
If you plan on selling, buying, renting, leasing and brokering Manufactured Mobile Homes:
Yes, you do need a place of business, business name, 10k surety bond, Consumer escrow account, credit report, police report, sales tax license, etc., must have good credit.
And if you plan on doing owner financing, you must be a licensed professional lending institution.
Hope this helps, Good Luck!
Re: Mobile home investing in Michigan - Posted by Jason
Posted by Jason on November 13, 2001 at 11:15:06:
Did some research, the only time I see needing a lending license is if I am a third party lender. Example: I lend you money to buy a home from someone else. Other wise I am just creating a note, same as if I sold my house on land contract…Unless third party lending is what you ment when you said “being a licensed lending institution”!
I cant imagine every mobile home investor in the state is a licesed lender, let alone a licensed broker…I asked Thane and Blane for there take and havent heard back yet…
Anyone else run into this???
Always a catch - Posted by Jason
Posted by Jason on November 12, 2001 at 16:05:36:
Thanks for the info… Seems it was to good to be true. All the money is in the owner fiancing, and now I find out i need a license for that on top of the mobile home license for brokering… Are you licensed in both? Is it even worth trying to get a lenders license…