Residential Mortgage Licensing & Supervision Act

Current understanding

To be populated as evidence accumulates.

Evidence log

• 2026-06-16 — Insurance: insurers; single-risk limit for title insurance; eliminate. Amends sec. 640 of 1956 PA 218 (MCL 500.640).: HB6097 (introduced) amends MCL 500.640 to eliminate the single-risk limit for title insurance — a tangential real-estate-transaction insurance change relevant to mortgage closings but operating outside the residential mortgage licensing framework itself. (novelty: 2)
• 2026-06-17 — Financial institutions: credit unions; insurance from a qualified private insurance organization; allow for domestic credit unions. Amends sec. 387 of 2003 PA 215 (MCL 490.387). TIE BAR WITH: HB 5779’26, HB 5780’26, HB 5781’26, HB 5783’26: HB5782 (passed chamber) amends MCL 490.387 to let domestic credit unions use qualified private share insurance — a parallel financial-institution modernization alongside the residential mortgage licensing consolidation. (novelty: 2)
• 2026-06-17 — Financial institutions: credit unions; commitment for insurance from a qualified private insurance organization; allow for domestic credit unions in certain filings. Amends sec. 301 of 2003 PA 215 (MCL 490.301). TIE BAR WITH: HB 5780’26, HB 5781’26, HB 5782’26, HB 5783’26: HB5779 (passed chamber) amends the Credit Union Act (MCL 490.301) to permit private insurance organization commitments in domestic credit union filings — a parallel financial-institution regulatory modernization alongside the residential mortgage licensing consolidation. (novelty: 2)
• 2026-06-25 — Financial institutions: money transmitters; money transmission modernization act; create. Creates new act.: HB5544 (passed chamber) creates a parallel new licensing framework — the Money Transmission Modernization Act — for money transmitters, reflecting a broader modernization trend across Michigan’s financial institution licensing statutes alongside the residential mortgage licensing consolidation. (novelty: 3)
• 2026-07-03 — Civil procedure: foreclosure; public sale of property being foreclosed by advertisement; allow to be held virtually. Amends secs. 3208 & 3212 of 1961 PA 236 (MCL 600.3208 & 600.3212).: cross-connection with foreclosure-by-advertisement-virtual-sales: Virtual foreclosure sales change the operational environment for mortgage servicers and licensees regulated under the Residential Mortgage Licensing & Supervision Act. (novelty: 2)
• 2026-07-03 — Financial institutions: mortgage brokers and lenders; deposit of certain fees under the secondary mortgage loan act; revise place of deposit. Amends sec. 6a of 1981 PA 125 (MCL 493.56a). TIE BAR WITH: HB 6177’26: 2026-07-03 — HB6202 (introduced, tie-barred to HB6177) amends sec. 6a of the Secondary Mortgage Loan Act (1981 PA 125, MCL 493.56a) to revise where certain fees collected from mortgage brokers and lenders are deposited, coordinating with the broader residential mortgage licensing consolidation. (novelty: 2)
• 2026-07-03 — Financial institutions: mortgage brokers and lenders; distribution of certain fund proceeds; revise. Amend secs. 8 & 32 of 1987 PA 173 (MCL 445.1658 & 445.1682). TIE BAR WITH: HB 6177’26: HB6201 (introduced, tie-barred to HB6177) proposes amending secs. 8 & 32 of the 1987 Mortgage Brokers, Lenders, and Servicers Licensing Act (MCL 445.1658 & 445.1682) to revise distribution of certain fund proceeds, coordinating with the broader residential mortgage licensing overhaul. (novelty: 2)
• 2026-07-03 — Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the home rule city act. Amends sec. 4q of 1909 PA 279 (MCL 117.4q). TIE BAR WITH: HB 6177’26: HB6178 (introduced, tie-barred to HB6177) makes conforming changes to the Home Rule City Act (MCL 117.4q) to align municipal authority with the consolidated residential mortgage licensing framework. (novelty: 2)
• 2026-07-03 — Financial institutions: mortgage brokers and lenders; residential mortgage licensing and supervision act; establish. Creates new act.: HB6177 (introduced) proposes creating a new Residential Mortgage Licensing and Supervision Act establishing licensing and oversight requirements for mortgage brokers and lenders in Michigan. (novelty: 3)

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