Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the deferred presentment service transaction act. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 6177'26

HB 6194 amends Michigan's Deferred Presentment Service Transactions Act to update and clarify the definitions of key terms used in the law, such as "applicant," "customer," and "deferred presentment service transaction." The bill also specifies which types of loans are excluded from these regulations, particularly those involving mortgage brokers and lenders licensed under other state acts. This legislative change does not create new rules for businesses but rather refines the existing legal framework to ensure consistency and clarity. The bill is tied to another piece of legislation, HB 6177, and will only take effect if that related bill is also passed.