Consolidates licensing statutes for mortgage brokers and lenders in Michigan, making conforming changes to the Uniform Securities Act.

This bill amends sections 401 and 402 of the 2008 PA 551, modifying the licensing requirements for mortgage brokers and lenders in Michigan. It consolidates related statutes and makes conforming changes to the Uniform Securities Act. The changes include exemptions for certain broker-dealers and issuers, and clarify the conditions under which individuals can transact business in the state as agents. The bill also specifies the conditions for registration and exemptions for individuals acting as agents for broker-dealers or issuers.

Consolidates licensing statutes for mortgage brokers and lenders in Michigan, making conforming changes to the Uniform Securities Act.

This bill amends sections 401 and 402 of the 2008 PA 551, modifying the licensing requirements for mortgage brokers and lenders in Michigan. It consolidates related statutes and makes conforming changes to the Uniform Securities Act. The changes include exemptions for certain broker-dealers and issuers, and clarify the conditions under which individuals can transact business in the state as agents. The bill also specifies the conditions for registration and exemptions for individuals acting as agents for broker-dealers or issuers.