Financial institutions: mortgage brokers and lenders; prohibition on certain mortgage lending practices; modify. Amends title & secs. 1 & 2 of 1977 PA 135 (MCL 445.1601 & 445.1602).

Summary

It tells banks, credit unions and other mortgage lenders that they cannot deny or change loan terms because of a neighborhood’s race, ethnicity or the age of homes there. It also caps the smallest loan they may require, requires clear written reasons for any denial, and forces lenders to give borrowers easy‑to‑understand disclosures. The goal is to make home‑loan pricing more transparent and to stop red‑lining practices.

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