HB 5146 Summary

• Amends the Secondary Mortgage Loan Act to modify definitions of key terms including "broker," "lender," "servicer," and "secondary mortgage loan officer" by changing gender-specific pronouns to gender-neutral language throughout.

• Adds new definitions for "department" (department of insurance and financial services), "director" (director of the department or designee), and renumbers existing definitions accordingly.

• Modifies the definition of "licensed secondary mortgage loan officer" to include individuals with temporary authority to act as a mortgage loan originator under the Mortgage Loan Originator Licensing Act, 2009 PA 75.

• Updates licensing exemptions in Section 2 to clarify that a secondary mortgage loan officer providing services as an employee or agent of only one broker, lender, or servicer must be a licensed secondary mortgage loan officer, removing language about registration requirements.

• Conditional enactment: This bill does not take effect unless House Bill 5084 of the 100th Legislature is enacted into law.