Financial institutions: mortgage brokers and lenders; distribution of certain fund proceeds; revise. Amend secs. 8 & 32 of 1987 PA 173 (MCL 445.1658 & 445.1682). TIE BAR WITH: HB 6177'26

HB 6201 amends the Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act to update how licensing fees are calculated and managed. The bill requires applicants to pay investigation fees and establishes a tiered annual operating fee based on the number of loans closed and the total dollar volume of loans serviced by a licensee. It also creates a specific state fund to collect these fees, which will be used exclusively to cover the costs of administering and enforcing the mortgage licensing laws. Additionally, the legislation clarifies the financial penalties for failing to submit required reports or pay renewal fees on time.