MI SB1285

Amends the 1977 Michigan mortgage lending practices law to update definitions used in regulating credit-granting institutions and mortgage loans.

Redefines "commissioner" to mean the commissioner of the office of financial and insurance regulation of the department of licensing and regulatory affairs.

Updates "credit granting institution" definition to include state or nationally chartered banks, savings and loan associations, credit unions, the Michigan state housing development authority, and other entities making or purchasing mortgage loans with Michigan offices.

Establishes definitions for mortgage loans, home improvement loans, loan applications, and loan contracts, with mortgage loans covering residential properties of 4 or fewer families but excluding construction financing, loan pool interests, and maturity extensions without principal increases.

Defines "neighborhood" as either a census tract within a metropolitan statistical area or a zip code area outside a metropolitan statistical area for purposes of the mortgage lending practices law.