Financial institutions: mortgage brokers and lenders; deposit of certain fees under the secondary mortgage loan act; revise place of deposit. Amends sec. 6a of 1981 PA 125 (MCL 493.56a). TIE BAR WITH: HB 6177'26

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Plain-English Summary

This bill updates the Secondary Mortgage Loan Act by changing references from "commissioner" to "director" and "office of financial and insurance regulation" to "department." It also modifies where fees collected under the act are deposited, moving them from the MBLSLA fund to the residential mortgage administration fund. These changes affect secondary mortgage loan licensees and registrants in Michigan.

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