A bill to license and regulate mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators; to prohibit certain conduct related to residential mortgage loans; to prescribe remedies, penalties, and civil sanctions; to provide for the powers and duties of certain state and local governmental officers and entities; to provide for the promulgation of rules; to provide for the appointment of a conservator under certain circumstances; to create the residential mortgage industry advisory board and prescribe its powers and duties; to create funds; and to repeal acts and parts of acts.
House Bills 6177 through 6124 creates a unified regulatory regime for Michigan's residential mortgage industry, establishing licensing, conduct, consumer protection, and enforcement standards for mortgage brokers, lenders, servicers, and loan originators, while consolidating and replacing prior statutes.
Introduced
by
Referred to the Committee on Finance
