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HB5497 • 2026

Financial institutions: mortgage brokers and lenders; prohibition on certain mortgage lending practices; modify. Amends title & secs. 1 & 2 of 1977 PA 135 (MCL 445.1601 & 445.1602).

Financial institutions: mortgage brokers and lenders; prohibition on certain mortgage lending practices; modify. Amends title & secs. 1 & 2 of 1977 PA 135 (MCL 445.1601 & 445.1602).

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Bill Schuette (District 95)
Last action
2026-03-24
Official status
REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Financial institutions: mortgage brokers and lenders; prohibition on certain mortgage lending practices; modify. Amends title & secs. 1 & 2 of 1977 PA 135 (MCL 445.1601 & 445.1602).

Financial institutions: mortgage brokers and lenders; prohibition on certain mortgage lending practices; modify.

What This Bill Does

  • Financial institutions: mortgage brokers and lenders; prohibition on certain mortgage lending practices; modify.
  • Amends title & secs.
  • 1 & 2 of 1977 PA 135 (MCL 445.1601 & 445.1602).

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

H-4

11

substitute (H-4) adopted

Plain English: substitute (H-4) adopted 11

  • The official amendment file could not be read automatically during the last sync, so only the official amendment metadata is shown right now.
H-1

5

reported with recommendation with substitute (H-1)

Plain English: reported with recommendation with substitute (H-1) 5

  • The official amendment file could not be read automatically during the last sync, so only the official amendment metadata is shown right now.

Bill History

  1. 2026-03-24 SJ 28 Pg. 259

    PASSED BY HOUSE WITH IMMEDIATE EFFECT

  2. 2026-03-24 SJ 28 Pg. 259

    REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION

  3. 2026-03-19 HJ 25 Pg. 337

    read a third time

  4. 2026-03-19 HJ 25 Pg. 337

    substitute (H-4) adopted

  5. 2026-03-19 HJ 25 Pg. 337

    passed; given immediate effect Roll Call #102 Yeas 72 Nays 29 Excused 0 Not Voting 9

  6. 2026-03-19 HJ 25 Pg. 337

    transmitted

  7. 2026-03-18 HJ 24 Pg. 331

    read a second time

  8. 2026-03-18 HJ 24 Pg. 331

    substitute (H-1) adopted

  9. 2026-03-18 HJ 24 Pg. 331

    placed on third reading

  10. 2026-03-10 HJ 20 Pg. 259

    reported with recommendation with substitute (H-1)

  11. 2026-03-10 HJ 20 Pg. 259

    referred to second reading

  12. 2026-02-10 HJ 11 Pg. 107

    bill electronically reproduced 02/05/2026

  13. 2026-02-05 HJ 10 Pg. 103

    introduced by Representative Rep. Bill Schuette

  14. 2026-02-05 HJ 10 Pg. 103

    read a first time

  15. 2026-02-05 HJ 10 Pg. 103

    referred to Committee on Finance

Official Summary Text

Financial institutions: mortgage brokers and lenders; prohibition on certain mortgage lending practices; modify. Amends title & secs. 1 & 2 of 1977 PA 135 (MCL 445.1601 & 445.1602).