Amends Michigan law to revise the deposit of fees for mortgage loan originators.
Michigan HB6203 amends the Mortgage Loan Originators Licensing Act to revise the deposit of fees for mortgage loan originators. The bill specifies that fees must be deposited in the MBLSLA fund, a restricted account created under the Mortgage Brokers, Lenders, and Servicers Licensing Act. It also establishes a fee schedule for licensed mortgage loan originators, including annual fees and penalties for late payments. The annual operating fees set by the director must not exceed the levels needed to cover the estimated cost of enforcement of this act.
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