The bill amends the Consumer Mortgage Protection Act by updating definitions and clarifying terms related to mortgage loans and related financial services. Key insertions include a more detailed definition of "regulated lender," which now encompasses various types of financial institutions and licensees under specific acts, such as the consumer financial services act and the residential mortgage licensing and supervision act. Additionally, the definitions of "mortgage loan," "reverse mortgage," and "state and federal laws" have been expanded to include specific legal references and clarify the scope of applicable regulations.

The bill also removes certain outdated language, such as the term "regulated lender," and replaces it with a more comprehensive definition that includes various financial entities. Furthermore, it specifies that the act will not take effect unless another related bill, House Bill No. 6177, is enacted into law. Overall, these changes aim to enhance consumer protection in mortgage transactions by ensuring that the definitions and regulations are current and comprehensive.

Statutes affected:
House Introduced Bill: 445.1632