Sen. Richardville's bill to create consistency between mortgage loan acts signed into law
LANSING - Legislation to create consistency between Michigan's mortgage loan acts was signed today by the governor, said Sen. Randy Richardville, sponsor of the measure.
A 2005 change to the Mortgage Brokers, Lenders and Services Licensing Act allowed professional employer organizations to employ individuals who write mortgages for a licensed mortgage broker, lender or servicer. This change was never applied to the Secondary Mortgage Loan Act. Richardville's bill implements this change.
"Professional employer organizations are instrumental to small and medium-sized companies because they provide expert human resource management that allows companies to focus on core business needs," said Richardville, R-Monroe. "Thanks to this measure, mortgage brokerage companies licensed under the Secondary Mortgage Loan Act will be able to retain professional employer organizations."
Having received approval by the governor, Senate Bill 290 is now Public Act 46 of 2007.
Posted: Tuesday, July 17, 2007
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