Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the credit reform act. Amends sec. 2 of 1995 PA 162 (MCL 445.1852). TIE BAR WITH: HB 6177'26

HB 6190 amends the Michigan Credit Reform Act to update and clarify the legal definitions used throughout the state's financial regulations. The bill specifically revises the definitions for key terms such as "borrower," "regulated lender," and "extension of credit" to ensure they align with current laws and cover various types of lending activities. It also ties the effectiveness of this bill to another piece of legislation, HB 6177, meaning it will only take effect if that companion bill is passed. By standardizing these definitions, the bill aims to provide a clearer framework for how financial institutions and mortgage brokers operate under Michigan law.