A bill to amend 1977 PA 135, entitled “An act to prohibit certain mortgage lending practices by a credit granting institution; to prescribe the powers and duties of the commissioner of the financial institutions bureau in relation to those practices; to permit the establishment of local mortgage review boards; and to provide remedies and penalties,” by amending the title and sections 1 and 2 (MCL 445.1601 and 445.1602), the title and section 2 as amended by 1993 PA 43 and section 1 as amended by 2012 PA 444.
House Bill No. 5497 updates Michigan’s mortgage lending laws by increasing and indexing minimum loan amounts, clarifying administrative oversight, strengthening anti-discrimination and consumer protection measures, and enhancing transparency in lending practices.
Introduced
by
Referred to the Committee on Finance
