Consolidates licensing statutes for mortgage brokers and lenders in Michigan.
This bill amends the Michigan Occupational Code to consolidate certain licensing statutes related to residential mortgages. It makes conforming changes to sections 2501, 2503, and 2603 of the 1980 Public Act 299. The bill defines terms such as "distance learning," "independent contractor relationship," and "real estate broker." It also establishes a board of real estate appraisers with specific membership requirements. The changes will take effect if House Bill No. 6177 is enacted into law.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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