MI HB5899

Amends the Mortgage Brokers, Lenders, and Servicers Licensing Act (1987 PA 173) to change references from "commissioner" to "director" of the Department of Insurance and Financial Services throughout Section 22.

Prohibits mortgage lenders from requiring mortgagors who are disabled veterans to establish or make payments to escrow accounts for real property taxes when the mortgaged property is exempt from taxation under the disabled veteran exemption.

Maintains existing prohibitions on lender violations including fraud, failure to provide disclosures, improper handling of funds, failure to honor loan commitments, and taking security interests before loan closing.

Clarifies that escrow accounts for property taxes can only be established when required by law, with a specific exception for disabled veterans with tax-exempt properties.

Provides definition that "director" means the director of the Department of Insurance and Financial Services for purposes of the act's enforcement and licensing requirements.