MORTGAGE LOAN ORIGINATOR
TEMPORARY AUTHORITY
House Bill 5146 as reported from committee
Sponsor: Rep. Diana Farrington
House Bill 5147 as reported from committee
Sponsor: Rep. Sherry Gay-Dagnogo, M.Ed.
1st Committee: Financial Services
2nd Committee: Ways and Means
Complete to 12-10-19
SUMMARY:
The bills would amend different acts to modify definitions related to mortgage loan officers to include individuals with temporary authority to act as a mortgage loan originator under the Mortgage Loan Originator Licensing Act, as proposed by House Bill 5084.[1]
House Bill 5146 would amend the Secondary Mortgage Loan Act. Currently the term “licensed secondary mortgage loan officer” means a secondary mortgage loan officer who is licensed as a mortgage loan originator under the Mortgage Loan Originator Licensing Act. The bill would add to the definition a secondary mortgage loan officer who has temporary authority to act as a mortgage loan originator under that act. The bill would also update the definitions of other terms used in the act.
MCL 493.51 and 493.52
House Bill 5147 would amend the Mortgage Brokers, Lenders, and Services Licensing Act. Currently the term “licensed loan officer” means a loan officer who is licensed as a mortgage loan originator under the Mortgage Loan Originator Licensing Act. The bill would add to the definition a loan officer who has temporary authority to act as a mortgage loan originator under that act. The bill would also update the definitions of other terms used in the act.
MCL 445.1651a and 445.1652
House Bills 5146 and 5147 are tie-barred to HB 5084, which means that neither could take effect unless HB 5084 were enacted.
FISCAL IMPACT:
House Bills 5146 and 5147 would not have a significant fiscal impact on any unit of state or local government.
POSITIONS:
The following entities indicated support for the bills:
Department of Insurance and Financial Services (12-10-19)
Michigan Mortgage Lenders Association (10-30-19)
Quicken Loans (10-30-19)
Michigan Bankers Association (12-10-19)
Fiscal Analyst: Marcus Coffin
■ This analysis was prepared by nonpartisan House Fiscal Agency staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.