Michigan HB6197 amends licensing statutes for residential mortgages, affecting mortgage brokers and lenders.
Michigan HB6197 consolidates certain licensing statutes related to residential mortgages, making conforming changes in RS 1846 ch 65. The bill affects mortgage brokers and lenders, ensuring compliance with updated regulations. It specifies the types of financial institutions involved, including banks, credit unions, and insurance companies. The legislation also outlines exceptions to the recording of certain instruments of encumbrance, such as tax liens and consensual agreements. The bill's enactment is contingent on the passage of House Bill No. 6177.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.