Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the motor vehicle sales financing act. Amends sec. 5 of 1950 (Ex Sess) PA 27 (MCL 492.105). TIE BAR WITH: HB 6177'26

This bill modifies the Motor Vehicle Sales Finance Act to adjust the financial bond requirements for mortgage brokers, lenders, and servicers. It lowers the mandatory bond amount from $20,000 to $5,000 for these specific licensees during a six-month transition period and permanently, while keeping the higher bond requirement for other sales finance companies. The legislation also clarifies that financial institutions located in Michigan may use their own internal guarantee instead of purchasing a surety bond to secure their license. Additionally, it aligns the bond renewal filing deadline with a specific annual date, ensuring consistency in regulatory compliance.