Financial institutions: mortgage brokers and lenders; deposit of certain fees under the secondary mortgage loan act; revise place of deposit. Amends sec. 6a of 1981 PA 125 (MCL 493.56a). TIE BAR WITH: HB 6177'26

HB 6202 amends the Secondary Mortgage Loan Act to update how mortgage brokers and lenders in Michigan handle fee deposits and reporting requirements. The bill clarifies that fees collected for licensing and investigations must be deposited into the MBLSLA fund, aligning with existing practices under related mortgage laws. It also establishes specific fee ranges for license investigations and amendments, ensuring these costs are based on the actual expenses of the Office of Financial and Insurance Regulation. Additionally, the legislation outlines penalties for late filings and false reporting to maintain regulatory oversight. This measure directly impacts financial institutions operating as mortgage brokers or lenders by defining their financial obligations to the state.