Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in RS 1846 ch 81. Amends sec. 2 of 1846 RS 81 (MCL 566.132). TIE BAR WITH: HB 6177'26

This bill amends Michigan's statutes regarding fraudulent conveyances to clarify when written agreements are required for financial institutions. It mandates that promises to lend money, renew loans, or waive loan provisions must be in writing and signed by the institution to be enforceable in court. The law also defines "financial institution" to include various banks, credit unions, and mortgage lenders, with specific provisions for those operating under different licensing acts. Additionally, it reinforces existing rules requiring written, signed contracts for real estate commission agreements. The bill includes a tie-bar provision, meaning it will only take effect if a related bill, HB 6177, is also passed into law.