Rep. Mark Tisdel

Maddy summaryHB 6200 proposes to combine existing laws that govern the licensing of mortgage brokers and lenders in Michigan. The bill directly affects financial institutions and individuals who operate in the residential mortgage market by streamlining the legal statutes they must follow. It achieves this consolidation by updating specific sections within the state's Code of Criminal Procedure to merge related regulations into a single framework. This change aims to organize the legal code rather than introduce new rules or alter current operational requirements.

Maddy summaryThis bill amends Michigan law to clarify that recording certain legal documents against property does not make them officially valid unless specific conditions are met. Under the new rules, a court must find that the document includes a full accounting of the facts supporting the claim and proof that the property owner was actually notified before the recording is considered effective. However, the bill creates a significant exemption for a wide range of financial institutions, including banks, credit unions, insurance companies, and licensed mortgage brokers, allowing them to bypass these notification and accounting requirements. The legislation also establishes penalties for individuals who record such documents without lawful cause with the intent to harass or intimidate others.

Maddy summaryThis bill updates Michigan's civil procedure laws to clarify how much of a person's wages can be taken by creditors through garnishment. It specifically protects certain types of income from being garnished, including public assistance benefits, unemployment compensation, disability payments, and both federal and state earned income tax credits. Additionally, the legislation sets new limits on how much of a weekly paycheck can be seized, capping the amount at 20% of earnings up to a specific threshold and 30% of earnings above that threshold. These changes directly affect individuals whose wages are subject to garnishment and the creditors seeking to collect debts from them.

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 summaryThis bill allows cities in Michigan to deny building permits, certificates of use and occupancy, or variances to individuals who owe unpaid fines or assessments related to local construction code enforcement. However, the law explicitly exempts certain entities from these penalties, including government-sponsored housing groups, financial institutions, credit union service organizations, and licensed mortgage servicers. Additionally, the bill ensures that permits cannot be denied if the proposed construction work is intended to fix the specific code violation that caused the original fine. The legislation will only take effect if a companion bill, HB 6177, is also passed into law.

Maddy summaryHB 6189 updates the definitions within Michigan's Consumer Mortgage Protection Act to clarify terms such as "mortgage loan," "reverse-mortgage," and "regulated lender." These changes aim to align the law with newer statutes like the Residential Mortgage Licensing and Supervision Act and ensure consistency across various financial regulations. The bill does not alter existing operational rules but instead refines the vocabulary used to describe lenders, borrowers, and related financial products. It is contingent upon the passage of a companion bill, HB 6177, before it can take effect.

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 6199 amends Michigan's penal code to strengthen laws against mortgage fraud by clarifying the criminal penalties for individuals who prepare or submit loan applications in someone else's name without their authorization. The bill explicitly prohibits receiving or forwarding such fraudulent applications or related financial instruments when the person knows or should know they are illegal. While the penalties for non-exempt individuals remain severe, including up to four years in prison or a fine of up to $2,500, the legislation provides specific exemptions for licensed financial institutions and their employees who handle these documents in good faith, such as when submitting them to law enforcement or credit bureaus. This update aims to align the state's fraud statutes with current mortgage industry practices and regulatory frameworks.

Maddy summaryThis bill amends Michigan's statutes regarding fraudulent conveyances to clarify when written agreements are required for financial institutions. It mandates that promises to lend money, renew loans, or waive loan provisions must be in writing and signed by the institution to be enforceable in court. The law also defines "financial institution" to include various banks, credit unions, and mortgage lenders, with specific provisions for those operating under different licensing acts. Additionally, it reinforces existing rules requiring written, signed contracts for real estate commission agreements. The bill includes a tie-bar provision, meaning it will only take effect if a related bill, HB 6177, is also passed into law.

Maddy summaryHB 6202 amends the Secondary Mortgage Loan Act to update how mortgage brokers and lenders in Michigan handle fee deposits and reporting requirements. The bill clarifies that fees collected for licensing and investigations must be deposited into the MBLSLA fund, aligning with existing practices under related mortgage laws. It also establishes specific fee ranges for license investigations and amendments, ensuring these costs are based on the actual expenses of the Office of Financial and Insurance Regulation. Additionally, the legislation outlines penalties for late filings and false reporting to maintain regulatory oversight. This measure directly impacts financial institutions operating as mortgage brokers or lenders by defining their financial obligations to the state.