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HB 6191

Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the uniform securities act (2002). Amends secs. 401 & 402 of 2008 PA 551 (MCL 451.2401 & 451.2402). TIE BAR WITH: HB 6177'26

2025-2026 Regular Session Introduced by Greg Alexander and 3 co-sponsors

HB 6191 consolidates Michigan's residential mortgage broker and lender licensing into a single framework, aligning securities regulation accordingly.

bill electronically reproduced 07/03/2026
#financialinstitutions:mortgagebrokersandlenders
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Bill Summary · HB 6191

Summary of Bill: HB 6191 (2025-2026) – Michigan

Purpose and Intent

  • HB 6191 seeks to consolidate licensing statutes related to residential mortgages by bringing together and harmonizing rules governing mortgage brokers and mortgage lenders.
  • The bill also proposes conforming changes to the Uniform Securities Act (2002) to align with the consolidated mortgage licensing framework.
  • It is tied to HB 6177, indicating related or complementary reform efforts within the same policy package.

Key Provisions and Changes

  • Consolidation of Licensing Statutes:
    • Streamlines and unites existing licensing requirements for:
    • Mortgage brokers
    • Mortgage lenders
    • Aims to create a single, coherent regulatory framework for residential mortgage professionals, reducing fragmentation across separate licensing statutes.
  • Conforming Changes to Uniform Securities Act (2002):
    • Updates or aligns provisions of Michigan’s Uniform Securities Act (2002) to reflect the consolidated mortgage licensing regime.
    • Ensures consistency between securities regulation and mortgage-related licensing, potentially affecting registration, exemptions, and enforcement in related activities.
  • Administrative and Enforcement Framework (implied):
    • Although not detailed in the provided summary, consolidation typically includes:
    • Unified licensing processes (application, renewals, fee schedules)
    • Shared regulatory authority or cross-designation for examination and enforcement
    • Harmonized compliance requirements (background checks, continuing education, financial wherewithal, surety or bond requirements)
  • Tie Bar:
    • The bill is tied to HB 6177, suggesting a combined or coordinated treatment of related financial services licensing reforms within the legislative package.

Who and What is Affected

  • Mortgage Professionals:
    • Mortgage brokers and mortgage lenders operating in Michigan (licensees under the consolidated regime).
  • Regulated Entities and Activities:
    • Entities engaging in residential mortgage origination, processing, or funding under Michigan law.
  • Regulated Markets and Compliance:
    • Activities subject to securities act conforming changes, potentially affecting how mortgage-related securities or investment products tied to residential mortgages are regulated.
  • State Regulatory Agencies:
    • The Department or agency responsible for licensing and supervising mortgage brokers and lenders, as well as entities administering the Uniform Securities Act.

Procedural and Timeline Aspects

  • Introduction and Scheduling:
    • Introduced and referred to the House Committee on Finance (as of the latest action history).
  • Purpose of Tie Bar:
    • HB 6191 is linked to HB 6177, indicating joint consideration, potential amendments, or a combined path to enactment.
  • Effective Date (not specified in provided text):
    • Typical enactment would specify an effective date (e.g., immediate upon enactment or a future date); the exact timing would be set in the final bill language.
  • Next Steps:
    • The bill would proceed through committee hearings, potential amendments, and floor votes in the House, then move to the Senate for parallel consideration.

Practical Implications and Potential Impacts

  • Efficiency and Clarity:
    • A unified licensing framework could reduce duplicate filings, streamline renewals, and make regulatory compliance clearer for mortgage professionals.
  • Consumer Protection:
    • Consolidation may strengthen oversight by centralizing licensing standards, background checks, and enforcement, potentially enhancing consumer protection in residential mortgage transactions.
  • Market Impact:
    • Lenders and brokers may experience changes in licensure workflows, fee structures, and ongoing education or reporting requirements.
  • Coordination with Securities Regulation:
    • Aligning with the Uniform Securities Act could improve coherence between mortgage-related products and securities regulation, reducing regulatory gaps.

If you’d like, I can add a side-by-side comparison with the current licensing statutes to highlight specific changes, or expand on the likely fiscal and administrative impacts based on typical consolidation reforms.

Compiled from official sources — confirm details with the bill’s official record.

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