Consolidates Michigan licensing statutes for mortgage brokers and lenders and makes conforming changes in the Michigan penal code.
This bill consolidates certain licensing statutes related to residential mortgages in Michigan. It amends sections of the Michigan penal code to include new provisions for mortgage brokers and lenders. The bill also makes conforming changes in the Michigan penal code to align with the new licensing statutes. The changes affect financial institutions and their affiliates, licensees, or franchisees, as well as their directors, officers, or employees.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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