Financial institutions: mortgage brokers and lenders; residential mortgage licensing and supervision act; establish. Creates new act & repeals (See bill).

This bill creates the "residential mortgage licensing and supervision act" to license and regulate mortgage brokers, lenders, servicers, and loan originators in Michigan. It outlines requirements for obtaining and maintaining licenses, including financial responsibility, education, and testing, and establishes standards of conduct for licensees. The bill also grants the state's director of insurance and financial services broad authority to supervise the industry, investigate complaints, and enforce the act, including the ability to assess fines, suspend licenses, and appoint conservators for mortgage servicers.

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