state_legiscan_drain · MI
Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in RS 1846 ch 65. TIE BAR WITH: HB 6177'26
July 3, 2026
Summary
If enacted, this bill would consolidate multiple licensing statutes for residential mortgage brokers and lenders into a single regulatory framework, streamlining compliance requirements for entities originating mortgages in Michigan. The bill would require conforming changes to existing law and likely necessitate updated licensing applications and fee structures. Mortgage originators, including banks, credit unions, and independent mortgage companies, would need to adjust their licensing practices to align with the new unified system.
AI-generated summary · Jul 5, 2026. Verify with your compliance counsel before acting.
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Source: https://legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-6197
Common questions
- What does "Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in RS 1846 ch 65. TIE BAR WITH: HB 6177'26" cover?
- If enacted, this bill would consolidate multiple licensing statutes for residential mortgage brokers and lenders into a single regulatory framework,…
- When was it published?
- It was published on July 3, 2026.
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