MI SB0019

Creates a 7-member mortgage industry advisory board appointed by the commissioner to advise on residential mortgage industry issues.

Four board members must be employees, directors, or have at least 25% ownership in licensed mortgage brokers or lenders, selected from nominees provided by the Michigan mortgage lenders association.

One board member must represent a mortgage industry trade association, and two members must represent businesses that provide services to or purchase services from licensees or registrants.

Board members serve 4-year terms with a maximum of 2 consecutive terms, receive no compensation but are reimbursed for travel and expenses, and no more than one member may work for the same entity.

Board must maintain meeting minutes and records for at least 10 years, provide them to the commissioner on request, and make them available to the public under the Freedom of Information Act.