The bill amends the Secondary Mortgage Loan Act by updating various provisions related to the registration and licensing of mortgage loan providers. Key changes include the requirement for applications for license or registration renewal to be received by the director by a specified date, and the annual delivery of financial statements to the director within 90 days after the close of the fiscal year. The bill also clarifies that the director will establish a schedule of fees to cover the costs of administering the act, with specific fees outlined for investigations, annual operating fees, and penalties for late submissions.

Additionally, the bill replaces references to the "commissioner" with "director" throughout the text, reflecting a shift in terminology. It also specifies that fees received under the act must be deposited into the residential mortgage administration fund, rather than the previously mentioned MBLSLA fund. The bill emphasizes the importance of accurate reporting by licensees and registrants, imposing penalties for failure to submit required reports or for late payment of renewal fees. Overall, these amendments aim to streamline the regulatory process and enhance oversight of the mortgage lending industry in Michigan.

Statutes affected:
House Introduced Bill: 493.56