Bill Text: MI HB6190 | 2025-2026 | 103rd Legislature | Introduced
Bill Title: Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the credit reform act. TIE BAR WITH: HB 6177'26
Sponsorship: Partisan Bill (Republican 4)
Status: (Introduced) 2026-07-14 - Bill Electronically Reproduced 07/03/2026 [HB6190 Detail]
Download: Michigan-2025-HB6190-Introduced.html
HOUSE BILL NO. 6190
A bill to amend 1995 PA 162, entitled
"Credit reform act,"
by amending section 2 (MCL 445.1852), as amended by 1996 PA 419.
the people of the state of michigan enact:
(a) "Borrower" means a person who that obtains an extension of credit from a regulated lender.
(b) "Commissioner" means the commissioner of the financial institutions bureau of the department of consumer and industry services.director of the department of insurance and financial services.
(c) "Credit card arrangement" means an extension of credit that is not secured by real property made to a cardholder of a credit card or charge card issued by a regulated lender under an arrangement that gives to a cardholder the privilege of obtaining credit from the regulated lender or any other person in purchasing or leasing property or services, obtaining credit or loans, or otherwise.
(d) "Credit sale" means an extension of credit for the sale of goods or services by a seller that is subject to the either of the following:
(i) The home improvement finance act, Act No. 332 of the Public Acts of 1965, being sections 1965 PA 332, MCL 445.1101 to 445.1431. of the Michigan Compiled Laws, or the
(ii) The motor vehicle sales finance act, Act No. 27 of the Public Acts of the Extra Session of 1950, being sections 1950 (Ex Sess) PA 27, MCL 492.101 to 492.141. of the Michigan Compiled Laws.
(e) "Depository institution" means a bank, savings and loan association, savings bank, or a credit union chartered under state or federal law which that maintains a principal office or branch in this state.
(f) "Excessive fee or charge" means a fee or charge that exceeds the amount allowed in section 6(1), (2), or (3), section 7, or any other applicable law or statute of this state.
(g) "Extension of credit" means a loan or credit sale made by a regulated lender. An extension Extension of credit does not include an extension of credit described in section 501(a)(1) of title V of the depository institutions deregulation and monetary control act of 1980, Public Law 96-221, 12 U.S.C. 1735f-7 nt.12 USC 1735f-7a.
(h) "Person" means an individual, corporation, partnership, association, governmental entity, or any other legal entity.
(i) "Regulated lender" means a any of the following:
(i) A depository institution. , a
(ii) A licensee under the any of the following:
(A) The consumer financial services act, Act No. 161 of the Public Acts of 1988, being sections 1988 PA 161, MCL 487.2051 to 487.2072. of the Michigan Compiled Laws, Act No. 379 of the Public Acts of 1984, being sections
(B) 1984 PA 379, MCL 493.101 to 493.114. of the Michigan Compiled Laws, the
(C) The motor vehicle sales finance act, Act No. 27 of the Public Acts of the Extra Session of 1950, Act No. 125 of the Public Acts of 1981, being sections 1950 (Ex Sess) PA 27, MCL 492.101 to 492.141.
(D) For 6 months after the effective date of the residential mortgage licensing and supervision act, the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81. of the Michigan Compiled Laws, or the
(E) Beginning on the effective date of the residential mortgage licensing and supervision act, the residential mortgage licensing and supervision act.
(F) The regulatory loan act, of 1963, Act No. 21 of the Public Acts of 1939, being sections 1939 PA 21, MCL 493.1 to 493.26 of the Michigan Compiled Laws, or a 493.24.
(iii) A seller under the home improvement finance act, Act No. 332 of the Public Acts of 1965.1965 PA 332, MCL 445.1101 to 445.1431.
Enacting section 1. This amendatory act does not take effect unless House Bill No. 6177 (request no. H05171'25) of the 103rd Legislature is enacted into law.
