Financial institutions: mortgage brokers and lenders; deposit of certain fees under the mortgage loan originators licensing act; revise place of deposit. Amends sec. 19 of 2009 PA 75 (MCL 493.149). TIE BAR WITH: HB 6177'26

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Plain-English Summary

This bill changes who oversees mortgage loan originator licenses, shifting authority from a commissioner to a director within a state department. It updates how fees are set and collected from licensed mortgage loan originators to cover the costs of administering and enforcing the law. The bill also specifies that fees will now be deposited into the residential mortgage administration fund.

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