HB 5147 Summary

• Amends the Mortgage Brokers, Lenders, and Servicers Licensing Act to replace references to "commissioner of the office of financial and insurance regulation" with "director" and defines "director" as the director of the Department of Insurance and Financial Services or their designee.

• Adds new definition of "Department" meaning the Department of Insurance and Financial Services.

• Modifies the definition of "licensed 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 loan officer compensation requirements to specify that loan officers must be licensed loan officers to receive compensation for originating mortgage loans, with compensation paid only by the licensee or registrant for which the loan was originated.

• Takes effect only if House Bill No. 5084 of the 100th Legislature is enacted into law.