Consolidates licensing statutes for mortgage brokers and lenders in Michigan.
This bill amends Michigan's licensing statutes for mortgage brokers and lenders, consolidating them under the consumer mortgage protection act. It defines terms such as "depository institution," "home improvement installment contract," "person," "reverse-mortgage," and "state and federal laws." The changes will only take effect if House Bill No. 6177 is enacted into law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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