MI HB5497

Modifies Michigan's mortgage lending practices act to update regulatory oversight from the Office of Financial and Insurance Regulation to the Department of Insurance and Financial Services (DIFS) and its director.

Increases the minimum mortgage loan amount that credit granting institutions can impose from $10,000 to $50,000, and the minimum home improvement loan amount from $1,000 to $5,000.

Requires annual Consumer Price Index adjustments to minimum loan amounts beginning January 1, 2028, with adjustments rounded to the nearest $10.

Removes the requirement that credit granting institutions must have a main office, branch office, or service center in Michigan to be covered by the act.

Updates terminology and statutory references throughout, including modernizing agency names and replacing outdated language with current standards.