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

Also relevant to:Homeowner

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Plain-English Summary

This bill amends the Consumer Financial Services Act to update definitions and requirements for licensees. It changes how "bureau" and "commissioner" are defined and updates the list of "financial licensing acts" to include the new residential mortgage licensing and supervision act. The bill also modifies the surety bond requirements for licensees, specifying who can make claims against these bonds and how those claims are prioritized.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

Votes

Sponsorship · 4 Sponsors

Democrat0Republican4Independent0Other0

R · PrimeSteve Frisbie
R · CoMark Tisdel
R · CoGregory Alexander
R · CoTom Kuhn

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