MI SB0463

Amends the mortgage brokers, lenders, and servicers licensing act to revise definitions and regulatory requirements for mortgage industry participants in Michigan.

Requires persons acting as mortgage brokers, lenders, or servicers to obtain a license or register with the commissioner, with specified exemptions for employees of depository institutions and certain licensed entities.

Establishes fee structure for licensing and registration, including investigation fees of $400-$1,000 and annual operating fees based on loan volume, with fees deposited in the MBLSLA fund to support regulatory administration.

Creates a 7-member mortgage industry advisory board appointed by the commissioner to review proposed rules and communicate industry concerns regarding mortgage regulation, secondary mortgage loans, and loan originator licensing.

Increases criminal penalties to misdemeanor charges with fines up to $15,000 and civil fines up to $3,000 per violation for unlicensed operation, improper loan transfers, and coercion of appraisers; authorizes commissioner to suspend or revoke licenses and require restitution for violations.