The bill amends the Mortgage Brokers, Lenders, and Servicers Licensing Act by updating the terminology and responsibilities associated with the licensing process. Key changes include replacing the term "commissioner" with "director" throughout the text, which reflects a shift in administrative oversight. The bill also specifies that applicants for licenses must pay an investigation fee and an annual operating fee to the director, with the fees structured based on the number of closed mortgage loans and the dollar volume of loans serviced. Additionally, it establishes a new fund, the MBLSLA fund, to manage the fees collected under this act and outlines the procedures for transferring funds to a new residential mortgage administration fund after a specified period.

Furthermore, the bill introduces provisions for appointing a conservator for licensees or registrants who fail to service mortgage loans properly. The conservator will take control of the licensee's affairs and ensure compliance with the act. The bill also stipulates that all expenses related to the conservatorship must be reimbursed from the licensee's assets and that the conservatorship can be terminated if deemed safe and in the public interest. Overall, these amendments aim to enhance the regulatory framework governing mortgage brokers, lenders, and servicers in Michigan.

Statutes affected:
House Introduced Bill: 445.1658, 445.1682