Consolidates licensing statutes for residential mortgage brokers and lenders in Michigan.

This bill consolidates certain licensing statutes related to residential mortgages in Michigan. It amends the mortgage brokers, lenders, and servicers licensing act to include provisions for depository financial institutions under credit card arrangements. Additionally, it makes conforming changes in the tobacco products tax act, including requirements for sellers to obtain valid government-issued identification from purchasers and for retailers to verify licenses of wholesalers or unclassified acquirers before selling tobacco products.

Consolidates licensing statutes for residential mortgage brokers and lenders in Michigan.

This bill consolidates certain licensing statutes related to residential mortgages in Michigan. It amends the mortgage brokers, lenders, and servicers licensing act to include provisions for depository financial institutions under credit card arrangements. Additionally, it makes conforming changes in the tobacco products tax act, including requirements for sellers to obtain valid government-issued identification from purchasers and for retailers to verify licenses of wholesalers or unclassified acquirers before selling tobacco products.