Consolidates licensing statutes for mortgage brokers and lenders in Michigan and makes conforming changes to the Credit Reform Act.

This bill amends the 1995 Public Act 162 to consolidate certain licensing statutes related to residential mortgages. It defines key terms such as "borrower," "commissioner," "credit card arrangement," "credit sale," "depository institution," "excessive fee or charge," "extension of credit," "person," and "regulated lender." The bill also makes conforming changes to the Credit Reform Act.

Consolidates licensing statutes for mortgage brokers and lenders in Michigan and makes conforming changes to the Credit Reform Act.

This bill amends the 1995 Public Act 162 to consolidate certain licensing statutes related to residential mortgages. It defines key terms such as "borrower," "commissioner," "credit card arrangement," "credit sale," "depository institution," "excessive fee or charge," "extension of credit," "person," and "regulated lender." The bill also makes conforming changes to the Credit Reform Act.