Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in 1995 PA 266. Amends sec. 1 of 1995 PA 266 (MCL 129.241). TIE BAR WITH: HB 6177'26

HB 6182 amends Michigan law to clarify how the state defines "credit cards" and "credit card arrangements" for local governments. The bill updates these definitions to include licenses issued by the new residential mortgage licensing and supervision act, ensuring that mortgage lenders are properly categorized alongside traditional credit card issuers. This change directly affects local units of government, such as cities, counties, and school districts, which must adopt credit card policies for their operations. The legislation is contingent upon the passage of a companion bill, HB 6177, before it can take effect.