Michigan HB6186 amends the 1966 PA 326 to consolidate licensing statutes for mortgage brokers and lenders, making conforming changes.
Michigan HB6186 amends section 1c of the 1966 PA 326 to consolidate certain licensing statutes related to residential mortgages. The bill makes conforming changes to the Michigan Compiled Laws. It specifies conditions under which lenders or sellers can require deposit accounts as a condition for making a mortgage or land contract. It also outlines exceptions for certain types of loans and transactions, including those secured by mobile homes, biweekly payments, and those involving regulated depository financial institutions.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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