Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the consumer financial services act. Amends secs. 2, 6 & 9 of 1988 PA 161 (MCL 487.2052 et seq.). TIE BAR WITH: HB 6177'26

Summary

The measure would combine existing Michigan licensing statutes for residential mortgage brokers and lenders into a single framework, amend sections 2, 6, and 9 of the 1988 Public Act 161, and make matching changes to the Consumer Financial Services Act. It affects mortgage professionals, lenders, and the consumers they serve by simplifying regulation and ensuring the laws are consistent with each other.

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