Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the occupational code. Amends secs. 2501, 2503 & 2603 of 1980 PA 299 (MCL 339.2501 et seq.). TIE BAR WITH: HB 6177'26

HB 6185 amends Michigan's Occupational Code to update definitions and requirements for real estate brokers, specifically clarifying rules regarding associate brokers, independent contractor relationships, and property management accounts. The bill introduces new terminology such as "limited service agreement" and "nonprincipal" to better distinguish between different types of real estate licensing roles and business structures. By revising sections 2501, 2503, and 2603, the legislation aims to consolidate existing statutes related to residential mortgages and ensure consistency across various real estate activities. This change directly impacts real estate professionals and business entities operating in the state by standardizing how their roles and responsibilities are legally defined.