Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the consumer mortgage protection act. Amends sec. 2 of 2002 PA 660 (MCL 445.1632). TIE BAR WITH: HB 6177'26

Also relevant to:Homeowner

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Plain-English Summary

This bill amends the Consumer Mortgage Protection Act to update definitions related to mortgage loans and regulated lenders. It clarifies what constitutes a "mortgage loan" by excluding certain transactions like those for acquiring a principal dwelling or reverse mortgages. The bill also updates the list of "regulated lenders" to include those operating under the new residential mortgage licensing and supervision act, and specifies various state and federal laws applicable to mortgage loans.

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

Votes

Sponsorship · 2 Sponsors

Democrat0Republican2Independent0Other0

R · PrimeBill Schuette
R · CoMark Tisdel

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