Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the consumer financial services act. Amends secs. 2, 6 & 9 of 1988 PA 161 (MCL 487.2052 et seq.). TIE BAR WITH: HB 6177'26

HB 6193 amends Michigan's Consumer Financial Services Act to consolidate licensing rules for mortgage brokers, lenders, and other financial service providers into a single regulatory framework. The bill establishes two main license types, with a Class II license excluding specific loan servicing activities that are currently regulated under separate acts. It also updates the requirements for surety bonds, setting a minimum amount of $500,000 for most applicants while allowing higher amounts for money transmission services. These changes aim to simplify the licensing process and ensure consistent oversight across various financial activities.