Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the Michigan business tax act. Amends sec. 111 of 2007 PA 36 (MCL 208.1111) TIE BAR WITH: HB 6177'26

HB 6184 amends the Michigan Business Tax Act to clarify how mortgage brokers and lenders calculate their taxable gross receipts. The bill specifically excludes from taxable income amounts received for principal and interest on mortgage loans, as well as payments for real estate taxes, utilities, and insurance premiums collected on behalf of clients. By aligning state tax definitions with federal accounting methods, the legislation aims to simplify tax reporting for financial institutions engaged in residential mortgage activities. This change directly affects mortgage brokers and lenders operating in Michigan by adjusting the revenue they must report for state tax purposes.