Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the banking code of 1999. Amends sec. 1106 of 1999 PA 276 (MCL 487.11106). TIE BAR WITH: HB 6177'26

Also relevant to:Homeowner

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Plain-English Summary

This bill amends the Banking Code of 1999 to clarify who can use the words "bank," "banker," or "banking" in their business name. It adds exceptions for certain mortgage-related businesses to use terms like "mortgage banker" or "mortgage banking" in their names, especially after a new residential mortgage licensing act takes effect. This change would allow licensed mortgage brokers, lenders, servicers, and loan originators to use these terms without violating the banking code.

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Votes

Sponsorship · 2 Sponsors

Democrat0Republican2Independent0Other0

R · PrimeParker Fairbairn
R · CoMark Tisdel

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