Financial institutions: mortgage brokers and lenders; distribution of certain fund proceeds; revise. Amend secs. 8 & 32 of 1987 PA 173 (MCL 445.1658 & 445.1682). TIE BAR WITH: HB 6177'26

Also relevant to:Homeowner

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Plain-English Summary

This bill changes who oversees mortgage brokers, lenders, and servicers in Michigan, shifting authority from a "commissioner" to a "director" of a "department." It updates how fees are collected and managed for licenses and registrations, including creating a new fund for these fees. The bill also outlines how a conservator can be appointed if a licensee or registrant fails to service mortgage loans properly.

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R · PrimeMark Tisdel

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