MI SB0379

Amends the consumer financial services licensing act to clarify exemptions for licensees from various financial licensing act requirements including application procedures, licensing procedures, fee payments, surety bonds, license denial/suspension/revocation, record retention, and report filing.

Permits licensees to purchase contracts complying with the retail installment sales act (1966 PA 224) and the home improvement finance act (1965 PA 332).

Allows licensees to hold multiple loans with a single borrower provided no single loan transaction violates applicable financial licensing acts.

Requires licensees acting as mortgage brokers or mortgage lenders to employ only loan officers registered under the mortgage brokers, lenders, and servicers licensing act (1987 PA 173) to originate mortgage loans.

Requires licensees acting as brokers or lenders to employ only secondary mortgage loan officers registered under the secondary mortgage loan act (1981 PA 125) to originate secondary mortgage loans; act is contingent on enactment of Senate Bills 380 and 381.