Michigan HB6193 amends licensing statutes for mortgage brokers and lenders, consolidating certain licensing requirements and making conforming.
Michigan HB6193 amends sections 2, 6, and 9 of the 1988 Public Act 161, relating to financial institutions and residential mortgages. The bill consolidates certain licensing statutes for mortgage brokers and lenders, ensuring they comply with all financial licensing acts. It mandates that mortgage brokers and lenders must file a surety bond or letter of credit with the commissioner, with specific requirements for the bond amount.
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