Michigan HB6196: Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the motor vehicle sales financing act. Amends sec. 5 of 1950 (Ex Sess) PA 27 (MCL 492.105). TIE BAR WITH: HB 6177'26

What the bill says

To amend 1950 (Ex Sess) PA 27, entitled "Motor vehicle sales finance act," by amending section 5 (MCL 492.105), as amended by 1988 PA 242.

From the introduced text, July 3, 2026:

A bill to amend 1950 (Ex Sess) PA 27, entitled "Motor vehicle sales finance act," by amending section 5 (MCL 492.105), as amended by 1988 PA 242. the people of the state of michigan enact: Sec. 5. (1) (a) Except as otherwise provided in subdivision (b), under subsection (2), a bond, in the form prescribed by the administrator, in the penal sum of $20,000.00 shall must accompany the first application by a person for license as a sales finance company and shall must apply only to the principal place of business of the licensee. A bond, in the form prescribed by the administrator, in the penal sum of $10,000.00 shall must accompany each application by a licensee for an additional location to transact business as a sales finance company. (2) (b) Each A bond required under subdivision (a) shall subsection (1) must be in the penal sum of $5,000.00 if the applicant is licensed under any of the following: (a) For 6 months after the effective date of the residential mortgage licensing and supervision act, the mortgage brokers, lenders, and servicers licensing act, Act No. 173 of the Public Acts of 1987, being sections 445.1651 to 445.1683 of the Michigan Compiled Laws, Act No. 125 of the Public Acts of 1981, being sections 1987 PA 173, MCL 445.1651 to 445.1684. …

Read the full official text

Sponsors

• Fairbairn, Parker (R, 107) · primary sponsor
• Tisdel, Mark (R, 55)

Latest actions

1. July 3, 2026: bill electronically reproduced 07/03/2026
2. July 3, 2026: referred to Committee on Finance
3. July 3, 2026: read a first time
4. July 3, 2026: introduced by Representative Rep. Parker Fairbairn

Common questions

What is HB6196?

HB6196 is a bill in the Michigan Legislature (103rd Legislature): Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the motor vehicle sales financing act. Amends sec. 5 of 1950 (Ex Sess) PA 27 (MCL 492.105). TIE BAR WITH: HB 6177'26.

What does HB6196 do?

In its own words: To amend 1950 (Ex Sess) PA 27, entitled "Motor vehicle sales finance act," by amending section 5 (MCL 492.105), as amended by 1988 PA 242.

What is the status of HB6196?

In committee as of July 3, 2026. Latest action: bill electronically reproduced 07/03/2026 (July 3, 2026).

Who sponsored HB6196?

Fairbairn, Parker (R, 107), with 1 co-sponsor.

Where is the official record for HB6196?

On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-6196