Rep. Steve Frisbie

Maddy summaryHB 6194 amends Michigan's Deferred Presentment Service Transactions Act to update and clarify the definitions of key terms used in the law, such as "applicant," "customer," and "deferred presentment service transaction." The bill also specifies which types of loans are excluded from these regulations, particularly those involving mortgage brokers and lenders licensed under other state acts. This legislative change does not create new rules for businesses but rather refines the existing legal framework to ensure consistency and clarity. The bill is tied to another piece of legislation, HB 6177, and will only take effect if that related bill is also passed.

Maddy summaryHB 6192 amends Michigan's Debt Management Act to strengthen the state director's authority to investigate and punish mortgage brokers and lenders who engage in fraud. The bill allows the director to issue immediate suspensions or permanent prohibitions against individuals found guilty of fraud, dishonesty, or felony convictions involving financial misconduct. It establishes a formal process where accused individuals receive written notice, have the right to a hearing within 60 days, and can apply to have an order lifted after five years. Additionally, the law clarifies that violating a final prohibition order is a misdemeanor punishable by up to one year in jail or a fine of $5,000. This legislation is tied to another bill, HB 6177, and will only become effective if that companion bill is also passed.

Maddy summaryHB 6193 amends Michigan's Consumer Financial Services Act to consolidate licensing rules for mortgage brokers, lenders, and other financial service providers into a single regulatory framework. The bill establishes two main license types, with a Class II license excluding specific loan servicing activities that are currently regulated under separate acts. It also updates the requirements for surety bonds, setting a minimum amount of $500,000 for most applicants while allowing higher amounts for money transmission services. These changes aim to simplify the licensing process and ensure consistent oversight across various financial activities.

Maddy summaryThis bill amends Michigan zoning laws to allow cities to deny zoning permits to individuals who owe fines or court costs from administrative hearings. However, it creates an exemption for specific entities, including government housing agencies, financial institutions, and licensed mortgage servicers, preventing these groups from being blocked due to such delinquencies. The legislation also ensures that a permit cannot be denied if the applicant is trying to fix the specific blight issue that originally caused the unpaid fine. This change aims to prevent financial penalties from hindering the ability of regulated lenders and housing authorities to process necessary zoning requests.

Maddy summaryHB 6191 amends Michigan's Uniform Securities Act to clarify and update exemptions from broker-dealer registration requirements. The bill specifically addresses the relationship between the state's securities laws and the Residential Mortgage Licensing and Supervision Act, ensuring that mortgage brokers, lenders, and servicers licensed under the latter are properly recognized as exempt from the former. It also refines rules regarding foreign broker-dealers conducting business with individuals in Michigan and outlines conditions under which agents may operate without separate registration. These changes aim to align the state's securities regulations with current federal standards and existing mortgage licensing frameworks.

Maddy summaryHB 6182 amends Michigan law to clarify how the state defines "credit cards" and "credit card arrangements" for local governments. The bill updates these definitions to include licenses issued by the new residential mortgage licensing and supervision act, ensuring that mortgage lenders are properly categorized alongside traditional credit card issuers. This change directly affects local units of government, such as cities, counties, and school districts, which must adopt credit card policies for their operations. The legislation is contingent upon the passage of a companion bill, HB 6177, before it can take effect.

Maddy summaryThis bill amends Michigan's Uniform Prudent Management of Institutional Funds Act to clarify how charitable organizations can spend money from their endowment funds. It establishes a rebuttable presumption of imprudence if an organization spends more than 8% of an endowment's average fair market value over a three-year period. The legislation also clarifies that certain standard terms in donor agreements do not automatically restrict spending to just the income generated by the fund. These changes aim to provide clearer guidance for institutions managing donor-restricted assets while maintaining the ability to act prudently based on specific donor instructions.

Maddy summaryHB 6184 amends the Michigan Business Tax Act to clarify how mortgage brokers and lenders calculate their taxable gross receipts. The bill specifically excludes from taxable income amounts received for principal and interest on mortgage loans, as well as payments for real estate taxes, utilities, and insurance premiums collected on behalf of clients. By aligning state tax definitions with federal accounting methods, the legislation aims to simplify tax reporting for financial institutions engaged in residential mortgage activities. This change directly affects mortgage brokers and lenders operating in Michigan by adjusting the revenue they must report for state tax purposes.

Maddy summaryHB 6185 amends Michigan's Occupational Code to update definitions and requirements for real estate brokers, specifically clarifying rules regarding associate brokers, independent contractor relationships, and property management accounts. The bill introduces new terminology such as "limited service agreement" and "nonprincipal" to better distinguish between different types of real estate licensing roles and business structures. By revising sections 2501, 2503, and 2603, the legislation aims to consolidate existing statutes related to residential mortgages and ensure consistency across various real estate activities. This change directly impacts real estate professionals and business entities operating in the state by standardizing how their roles and responsibilities are legally defined.

Maddy summaryThis bill prohibits retailers in Michigan from using surveillance pricing, which involves raising the price of a consumer item based on an individual's personal data such as their IP address, search history, or device type. It requires businesses to clearly display the total price of items at the point of sale, with specific exceptions for things like food sold by weight, motor vehicles, and small items under 30 cents. The legislation also allows consumers to sue retailers for violations, potentially recovering actual damages or a minimum of $250 for each day the law is broken. Finally, the bill includes a tie-breaker provision that prevents it from taking effect unless a companion bill, HB 6098, is also passed into law.