Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the uniform securities act (2002). Amends secs. 401 & 402 of 2008 PA 551 (MCL 451.2401 & 451.2402). TIE BAR WITH: HB 6177'26

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Plain-English Summary

This bill amends Michigan's Uniform Securities Act to update registration requirements for broker-dealers and agents. It modifies exemptions for certain financial professionals, including those dealing with institutional investors or specific types of mortgage loans, and clarifies rules for broker-dealers and agents from Canada or other foreign jurisdictions. The bill also specifies that it will only take effect if House Bill No. 6177 is also passed into law.

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Votes

Sponsorship · 4 Sponsors

Democrat0Republican4Independent0Other0

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

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