Consolidates licensing statutes for mortgage brokers and lenders in Michigan.
Michigan HB6184 consolidates certain licensing statutes related to residential mortgages. It amends the Michigan business tax act to include provisions for mortgage brokers and lenders. The bill specifies that certain licensing requirements apply to those earning over 90% of their revenue from residential mortgage loans. It also details the phased-in implementation of certain tax provisions related to various types of receipts and sales. The bill's enactment is contingent on the passage of HB 6177.
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