MI SB0253

Amends Michigan law requiring certain agreements, contracts, and promises to be in writing and signed by the party to be charged, including agreements not performable within 1 year, guarantees of another's debt, marriage-related promises, and assignments of things in action.

Adds prohibition on lawsuits to enforce financial institution promises or commitments unless in writing and signed by the financial institution, covering promises to lend money, extend credit, renew loans, or waive loan provisions.

Requires real estate commission agreements to be in writing and signed by the owner or purchaser to be enforceable in court.

Defines "financial institution" to include state and national banks, savings banks, credit unions, mortgage brokers and lenders, secondary mortgage loan entities, and their affiliates or subsidiaries.

Effective immediately upon enactment on March 17, 2020.