Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the debt management act. Amends sec. 8a of 1975 PA 148 (MCL 451.418a). TIE BAR WITH: HB 6177'26

Also relevant to:Homeowner

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Plain-English Summary

This bill amends the Debt Management Act to allow the director to prohibit individuals who have committed fraud from being licensed or employed in certain financial roles. It outlines the process for issuing such prohibitions, including notice, hearings, and appeals, and specifies penalties for violating a final order. The bill also defines "financial licensing act" and various forms of "fraud."

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

Votes

Sponsorship · 4 Sponsors

Democrat0Republican4Independent0Other0

R · PrimeSteve Frisbie
R · CoMark Tisdel
R · CoGregory Alexander
R · CoTom Kuhn

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