Bill Text: MI HB6195 | 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 banking code of 1999. TIE BAR WITH: HB 6177'26
Sponsorship: Partisan Bill (Republican 2)
Status: (Introduced) 2026-07-14 - Bill Electronically Reproduced 07/03/2026 [HB6195 Detail]
Download: Michigan-2025-HB6195-Introduced.html
HOUSE BILL NO. 6195
A bill to amend 1999 PA 276, entitled
"Banking code of 1999,"
by amending section 1106 (MCL 487.11106).
the people of the state of michigan enact:
Sec. 1106. (1) The Except as otherwise provided in subsection (2), the use of the word "bank", "banker", or "banking" or any foreign language words of similar meaning as a designation or name, or part of a designation or name under which business is or may be conducted in this state, is restricted to a national bank, a bank subject to this act, an out-of-state bank, a bank holding company registered under the bank holding company act, a foreign bank agency, a foreign bank branch, a savings and loan holding company as that term was defined in former 12 C.F.R. CFR 583.20, or a savings bank that is lawfully conducting business in this state, unless that designation or name, taken as a whole, would not imply a banking business. Use
(2) Both of the following do not violate subsection (1):
(a) For 6 months after the effective date of the residential mortgage licensing and supervision act, the use of the term "mortgage banker" or "mortgage banking" in the name or assumed name of a licensee or registrant under the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684. , does not violate this section.
(b) Beginning on the effective date of the residential mortgage licensing and supervision act, the use of the term "mortgage bank" or "mortgage banking" in the name or the assumed name of a mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator licensee under the residential mortgage licensing and supervision act.
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.
