Vol. 2026 · Bill Detail · Special Edition
CivicRadar.Wednesday, September 2, 2026
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Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in 1966 PA 326. Amends sec. 1c of 1966 PA 326 (MCL 438.31c). TIE BAR WITH: HB 6177'26
This bill amends an act that regulates interest rates on money. It updates language and clarifies rules for interest charged on various types of loans, including those secured by real estate, mobile homes, and certain debit balances. The bill specifies conditions for lenders, such as limits on fees and prepayment penalties, and details how deposit accounts can be used with mortgages and land contracts.
No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text
- R · PrimeBill Schuette
- R · CoMark Tisdel
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