Form FIS1140 "Specimen Letter of Credit for Use With First Mortgage Applications for Michigan Mortgage Brokers, Lenders, and Servicers" - Michigan

What Is Form FIS1140?

This is a legal form that was released by the Michigan Department of Insurance and Financial Services - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on May 1, 2015;
  • The latest edition provided by the Michigan Department of Insurance and Financial Services;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form FIS1140 by clicking the link below or browse more documents and templates provided by the Michigan Department of Insurance and Financial Services.

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Download Form FIS1140 "Specimen Letter of Credit for Use With First Mortgage Applications for Michigan Mortgage Brokers, Lenders, and Servicers" - Michigan

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FIS 1140 (5/15) Department of Insurance and Financial Services
SPECIMEN LETTER OF CREDIT
For Use with First Mortgage Applications for Michigan Mortgage Brokers, Lenders, and Servicers
Under Act. No. 173 of the Public Acts of 1987, as amended.
IRREVOCABLE STANDBY LETTER OF CREDIT NO.
<
assigns number>
issuing bank
Director, Department of Insurance and Financial Services
Consumer Finance Section
530 W. Allegan Street, 7
Floor
th
Lansing, MI 48933
Director:
We hereby establish our Irrevocable Standby Letter of Credit No.
<enter number>
in your favor for the account of
<account party>
up to the aggregate
amount of U.S. $
<use
amount from Table 1 on page
3>.
Proof of Financial Responsibility Deposit
The credit amount is available to you by your draft(s) on us at sight when accompanied by your signed and dated statement reading as follows:
"The undersigned (the "Director") hereby demands the sum of (amount to be specified) under
<name of issuing bank>
(the "Issuing Bank") Irrevocable Letter of Credit
No.
<specify>
(the "Credit"), issued for the account of <name of Mortgage Broker/Lender/Servicer> (the "Account Party"), as evidenced by the sight draft
accompanying this statement, and certifies that one or more of the following has occurred:
1. The Account Party, at the sole determination of the Director, has not conducted business in accordance with the Michigan Mortgage Brokers, Lenders, and
Servicers Licensing Act, Act No. 173 of the Public Acts of 1987, as amended.
2. The Account Party, at the sole determination of the Director, has not conducted business in accordance with a rule promulgated by the Director, pursuant to the
Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act, Act No. 173 of the Public Acts of 1987, as amended.
3. The Account Party, at the sole determination of the Director, has not paid money as such money has come due.
4. The Director has been notified by the Issuing Bank that it has elected not to extend the expiration date of the Credit, and the Account Party has failed to provide a
replacement letter of credit or other proof of financial responsibility specified under the Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act, Act No. 173 of
the Public Acts of 1987, as amended, fully acceptable to the Director at least sixty (60) days prior to the current expiry of the Credit."
Drafts must be presented at our Michigan Branch Location at
<enter full street address of Michigan Branch Location>
no
later than December 31,
<enter
year>. All drafts must be marked: "Drawn under Irrevocable Standby Letter of Credit No.
<enter
number>, dated
<enter
date>.
It is a condition of the Letter of Credit that it be automatically extended for a period of one year from its present or future expiration date unless we notify you
in writing by registered mail at least ninety (90) days prior to such date that we elect not to extend the expiration of this Letter of Credit for such additional
period.
We hereby agree with you that drafts drawn under and in compliance with the terms of this credit shall be duly honored on due presentation.
This credit is subject to Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication 600.
Sincerely,
<Authorized Signature - issuing bank>
FIS 1140 (5/15) Department of Insurance and Financial Services
SPECIMEN LETTER OF CREDIT
For Use with First Mortgage Applications for Michigan Mortgage Brokers, Lenders, and Servicers
Under Act. No. 173 of the Public Acts of 1987, as amended.
IRREVOCABLE STANDBY LETTER OF CREDIT NO.
<
assigns number>
issuing bank
Director, Department of Insurance and Financial Services
Consumer Finance Section
530 W. Allegan Street, 7
Floor
th
Lansing, MI 48933
Director:
We hereby establish our Irrevocable Standby Letter of Credit No.
<enter number>
in your favor for the account of
<account party>
up to the aggregate
amount of U.S. $
<use
amount from Table 1 on page
3>.
Proof of Financial Responsibility Deposit
The credit amount is available to you by your draft(s) on us at sight when accompanied by your signed and dated statement reading as follows:
"The undersigned (the "Director") hereby demands the sum of (amount to be specified) under
<name of issuing bank>
(the "Issuing Bank") Irrevocable Letter of Credit
No.
<specify>
(the "Credit"), issued for the account of <name of Mortgage Broker/Lender/Servicer> (the "Account Party"), as evidenced by the sight draft
accompanying this statement, and certifies that one or more of the following has occurred:
1. The Account Party, at the sole determination of the Director, has not conducted business in accordance with the Michigan Mortgage Brokers, Lenders, and
Servicers Licensing Act, Act No. 173 of the Public Acts of 1987, as amended.
2. The Account Party, at the sole determination of the Director, has not conducted business in accordance with a rule promulgated by the Director, pursuant to the
Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act, Act No. 173 of the Public Acts of 1987, as amended.
3. The Account Party, at the sole determination of the Director, has not paid money as such money has come due.
4. The Director has been notified by the Issuing Bank that it has elected not to extend the expiration date of the Credit, and the Account Party has failed to provide a
replacement letter of credit or other proof of financial responsibility specified under the Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act, Act No. 173 of
the Public Acts of 1987, as amended, fully acceptable to the Director at least sixty (60) days prior to the current expiry of the Credit."
Drafts must be presented at our Michigan Branch Location at
<enter full street address of Michigan Branch Location>
no
later than December 31,
<enter
year>. All drafts must be marked: "Drawn under Irrevocable Standby Letter of Credit No.
<enter
number>, dated
<enter
date>.
It is a condition of the Letter of Credit that it be automatically extended for a period of one year from its present or future expiration date unless we notify you
in writing by registered mail at least ninety (90) days prior to such date that we elect not to extend the expiration of this Letter of Credit for such additional
period.
We hereby agree with you that drafts drawn under and in compliance with the terms of this credit shall be duly honored on due presentation.
This credit is subject to Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication 600.
Sincerely,
<Authorized Signature - issuing bank>