Rep. Mark Tisdel

Maddy summaryThis bill amends Michigan's existing law to update the definitions of "credit card" and "financial transaction device" for local governments. Specifically, it clarifies which types of financial institutions, such as mortgage lenders and depository banks, are authorized to issue credit cards that local units like cities, counties, and school districts can accept as payment. The changes rely on current licensing acts to determine eligibility, ensuring that only properly licensed entities can provide these services to public bodies. Additionally, the bill is tied to another piece of legislation, meaning it will only become effective if that companion bill is also passed.

Maddy summaryHB 6186 amends Michigan's existing mortgage interest laws to clarify and update rules regarding rates and fees for residential loans. The bill primarily affects lenders, mortgage brokers, and borrowers by reinforcing restrictions on prepayment penalties, limiting upfront fees, and capping interest rates at 11% per annum for certain types of loans, such as those made by unqualified lenders or second mortgages. It also ensures that interest is calculated only on unpaid balances and prohibits interest from being added or deducted in advance. By updating the 1966 statute, the legislation aims to maintain consumer protections while aligning the law with current lending practices.

Maddy summaryHB 6187 amends Michigan's Identity Theft Protection Act to update and clarify the definitions of key terms used throughout the law. The bill specifically revises how the statute defines "financial institutions" to ensure consistency with other state licensing laws and explicitly includes mortgage brokers and lenders under its protections. Additionally, it clarifies what constitutes a "security breach" by specifying that accidental access by employees acting in good faith does not count as a breach, and it expands the definition of "child or spousal support" to include various expenses like medical care and education. These changes aim to provide clearer guidance for businesses and individuals regarding data privacy and identity theft reporting requirements.

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 summaryHB 6177 establishes the Residential Mortgage Licensing and Supervision Act to create a comprehensive regulatory framework for mortgage brokers, lenders, servicers, and loan originators in Michigan. The bill mandates that these entities and their key personnel obtain state licenses while prohibiting specific unethical conduct related to residential loans. It empowers the Department of Insurance and Financial Services to enforce rules, impose penalties, and appoint conservators when necessary, and it creates a new advisory board to oversee the industry. Additionally, the legislation defines various roles and exemptions to clarify who must be licensed versus who is exempt from these requirements.

Maddy summaryHB 4833 modifies the number of judges for several Oakland County district courts in Michigan. It reduces the number of judges in the 48th district (Birmingham, Bloomfield Hills area) from 3 to 2, and in the 50th district (Pontiac) from 4 to 3, effective when a vacancy occurs or an incumbent does not seek re-election. The bill applies directly to residents of these specific communities by changing court staffing levels under defined conditions. These changes are administrative adjustments to court structure, not new policies affecting broader public services.

Maddy summaryHB 5139 amends Michigan's Use Tax Act to require online platforms (called "marketplace facilitators") to collect and remit sales tax on all taxable sales made through their platforms to Michigan residents, regardless of whether the individual seller has a physical presence in the state. This directly affects large online marketplaces like Amazon or Airbnb, as well as small businesses selling via these platforms. The bill establishes that facilitators - not just the sellers - are legally responsible for tax collection, while providing relief for sellers who use compliant platforms (by filing a simple annual attestation). The key change shifts tax collection responsibility from sellers to platforms, simplifying compliance for small sellers but increasing accountability for digital marketplaces.

Maddy summaryHB 5549 updates the Consumer Financial Services Act to align its references with the separate Money Transmission Services Modernization Act. It requires financial institutions applying for a license to provide money transmission services to file a surety bond in an amount matching the bond requirement for money transmission licensees under that separate law (Section 13(5)(b)). This change ensures consistency between the two laws regarding bond amounts for money transmission services, directly affecting institutions seeking such licenses in Michigan. The bill does not create new requirements but corrects internal references to avoid confusion in licensing rules.

Maddy summaryHB 5545 updates the Consumer Financial Services Act to correct outdated references to money transmission services. It revises Section 2 of the law to accurately include the Money Transmission Modernization Act and fix an error in the reference to the Money Transmission Services Act (2006 PA 250). This ensures Michigan's financial licensing definitions remain current and error-free for regulators and institutions. The bill does not change regulatory requirements for money transmitters but aligns legal references with existing statutes.

Maddy summaryHB 5544, the "Money Transmission Modernization Act," creates a new regulatory framework for money transmitters (such as digital payment apps and services) operating in Michigan. It replaces Michigan’s outdated 2006 money transmission laws, requiring these businesses to obtain state licenses, standardizing which activities need licensing, and establishing safety rules to protect customer funds. The bill also mandates that transmitters calculate their average daily money transmission liability and adhere to modernized requirements for financial crime prevention and regulatory coordination. This affects all money transmitters serving Michigan residents and the Department of Insurance and Financial Services, which will enforce the new rules.