Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in 1995 PA 280. Amends sec. 1 of 1995 PA 280 (MCL 129.221). TIE BAR WITH: HB 6177'26

This bill amends Michigan's existing law to update the definitions of "credit card" and "financial transaction device" for local governments. Specifically, it clarifies which types of financial institutions, such as mortgage lenders and depository banks, are authorized to issue credit cards that local units like cities, counties, and school districts can accept as payment. The changes rely on current licensing acts to determine eligibility, ensuring that only properly licensed entities can provide these services to public bodies. Additionally, the bill is tied to another piece of legislation, meaning it will only become effective if that companion bill is also passed.