Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the banking code of 1999. Amends sec. 1106 of 1999 PA 276 (MCL 487.11106). TIE BAR WITH: HB 6177'26

This bill updates Michigan's banking code to allow mortgage brokers, lenders, and servicers to include the terms "mortgage bank" or "mortgage banking" in their business names once a new residential mortgage licensing act takes effect. It creates a six-month grace period after the new licensing law begins for these professionals to use the terms "mortgage banker" or "mortgage banking" without violating existing name restrictions. The legislation also clarifies that only specific types of financial institutions, such as national banks and state-chartered banks, are permitted to use the word "bank" in their names unless their overall business does not imply banking services. This change directly affects licensed mortgage professionals and aims to align naming conventions with future regulatory requirements.