Consolidates Michigan's licensing statutes for mortgage brokers and lenders, aligning them with the Residential Mortgage Licensing and Supervision.

This bill amends the Michigan banking code to consolidate licensing statutes for mortgage brokers and lenders. It restricts the use of terms like "bank," "banker," or "banking" to specific entities, such as national banks and bank holding companies. Exceptions are made for certain terms during a transition period following the enactment of the Residential Mortgage Licensing and Supervision Act. The changes aim to align licensing regulations with the new act and ensure clarity in financial institution naming.

Consolidates Michigan's licensing statutes for mortgage brokers and lenders, aligning them with the Residential Mortgage Licensing and Supervision.

This bill amends the Michigan banking code to consolidate licensing statutes for mortgage brokers and lenders. It restricts the use of terms like "bank," "banker," or "banking" to specific entities, such as national banks and bank holding companies. Exceptions are made for certain terms during a transition period following the enactment of the Residential Mortgage Licensing and Supervision Act. The changes aim to align licensing regulations with the new act and ensure clarity in financial institution naming.