Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in 1971 PA 227. Amends sec. 1 of 1971 PA 227 (MCL 445.111). TIE BAR WITH: HB 6177'26

HB 6188 amends Michigan's home solicitation sales law to clarify which specific financial transactions are excluded from its regulations. The bill explicitly states that loans, credit extensions, and securities offered by federally insured depository institutions and mortgage lenders are not considered "home solicitation sales." Additionally, it updates the definition of "goods or services" to ensure these financial products remain outside the scope of the act's cooling-off periods and other consumer protections. This legislative change directly affects banks, credit unions, and mortgage brokers by confirming that their residential lending activities are governed by separate mortgage licensing statutes rather than the general home solicitation rules. The bill also includes technical corrections to definitions for terms like "business day" and "telephone solicitation" to improve clarity.