Financial institutions: mortgage brokers and lenders; residential mortgage licensing and supervision act; establish. Creates new act.
Key claim: Michigan HB6177 proposes a new Residential Mortgage Licensing and Supervision Act establishing licensing and oversight requirements for mortgage brokers and lenders.
Abstract
(HB6177 · 103rd Legislature) Financial institutions: mortgage brokers and lenders; residential mortgage licensing and supervision act; establish. Creates new act. Latest action (2026-07-14): Bill Electronically Reproduced 07/03/2026
Why this matters
A new statutory licensing regime would reshape how residential mortgage brokers and lenders operate in Michigan, potentially raising compliance costs for firms while creating new consumer protections and state supervisory authority. For workers in the mortgage industry, licensing requirements could affect hiring and professional mobility, and for borrowers, the framework may change who can originate loans in the state.