MI SB1283

Amends the mortgage brokers, lenders, and servicers licensing act to revise and clarify definitions used throughout the regulatory framework for mortgage industry participants.

Defines key terms including "mortgage broker," "mortgage lender," "mortgage servicer," "loan officer," and "licensed loan officer" to establish who must comply with licensing requirements.

Specifies that mortgage loans covered by the act are first mortgages or land contracts on real property in Michigan used as dwellings for 4 or fewer families, excluding home improvement contracts and non-personal use loans.

Establishes definitions for industry participants and related entities, including "control person," "affiliate," "depository financial institution," and "individual investor" to clarify regulatory scope.

Effective December 27, 2012.