Michigan HB6198 consolidates licensing statutes for mortgage brokers and lenders, requiring written agreements for certain financial commitments.
Michigan HB6198 amends the residential mortgage licensing and supervision act by consolidating certain licensing statutes related to residential mortgages. The bill requires that agreements, promises, or contracts for financial commitments, such as lending, renewing, extending, or modifying loans, must be in writing and signed by the party to be charged. This consolidation aims to streamline the licensing process and ensure clarity in financial agreements.
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