Financial institutions: mortgage brokers and lenders; deposit of certain fees under the mortgage loan originators licensing act; revise place of deposit. Amends sec. 19 of 2009 PA 75 (MCL 493.149). TIE BAR WITH: HB 6177'26

HB 6203 amends the Michigan Mortgage Loan Originator Licensing Act to change where certain fees collected from mortgage brokers and lenders must be deposited. Specifically, it requires that money from these fees be placed into the Residential Mortgage Administration Fund rather than a different account previously used for these funds. The bill also clarifies that annual operating fees set by the state regulator must only cover the estimated costs of administering and enforcing the licensing program. This change is tied to another bill, HB 6177, meaning HB 6203 will only take effect if that companion legislation is also passed.