Rep. Mark Tisdel

Maddy summaryThis bill modifies the Motor Vehicle Sales Finance Act to adjust the financial bond requirements for mortgage brokers, lenders, and servicers. It lowers the mandatory bond amount from $20,000 to $5,000 for these specific licensees during a six-month transition period and permanently, while keeping the higher bond requirement for other sales finance companies. The legislation also clarifies that financial institutions located in Michigan may use their own internal guarantee instead of purchasing a surety bond to secure their license. Additionally, it aligns the bond renewal filing deadline with a specific annual date, ensuring consistency in regulatory compliance.

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 6204 amends Michigan's Revised Judicature Act to update the fees that individuals must pay to the clerk of the circuit court when filing various legal documents. The bill establishes specific dollar amounts for filing civil actions, appealing lower court decisions, demanding a jury trial, and handling cases involving child custody or support. It also sets new rates for motions, garnishment writs, and certain court services while outlining how these funds are distributed to county and state treasurers. Additionally, the legislation clarifies circumstances under which these fees can be waived or suspended, such as for indigent parties or public officers acting in their official capacity. This measure is tied to another bill, HB 6177, and will only take effect if that companion legislation is also enacted.

Maddy summaryHB 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.

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 6201 amends the Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act to update how licensing fees are calculated and managed. The bill requires applicants to pay investigation fees and establishes a tiered annual operating fee based on the number of loans closed and the total dollar volume of loans serviced by a licensee. It also creates a specific state fund to collect these fees, which will be used exclusively to cover the costs of administering and enforcing the mortgage licensing laws. Additionally, the legislation clarifies the financial penalties for failing to submit required reports or pay renewal fees on time.

Maddy summaryHB 6203 amends the Michigan Mortgage Loan Originator Licensing Act to change where certain fees collected from mortgage brokers and lenders must be deposited. Specifically, it requires that money from these fees be placed into the Residential Mortgage Administration Fund rather than a different account previously used for these funds. The bill also clarifies that annual operating fees set by the state regulator must only cover the estimated costs of administering and enforcing the licensing program. This change is tied to another bill, HB 6177, meaning HB 6203 will only take effect if that companion legislation is also passed.

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 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.