FOR IMMEDIATE RELEASE: December 17, 1996

For the second time in as many months, FIB Commissioner Patrick M. McQueen announced that costs for businesses regulated by Michigan's Financial Institutions Bureau will be significantly lowered. License fees for Michigan's secondary mortgage, regulatory loan and consumer financial services companies have been reduced by an average of 31%, representing a sizable savings for affected Michigan businesses. For example, the fee for a secondary mortgage license was lowered from $650 to $450. Just last month, corporate regulatory fees charged to banks were reduced by nearly 40% over previous years.

"The Administration of Governor Engler and this Bureau are committed to providing increased services at lower costs to the industries we serve. Financial institutions and other lenders based in Michigan will be well positioned to compete in the marketplace," McQueen said as he assured that the FIB will "continue to provide effective regulation at a minimal cost to businesses."