Legislation watch
- Home
- Create an account
- Advanced searches
- Scorecards
- Links
- About!
2007 Senate Bill 826: Impose new subprime mortgage regulations
Public Act 64 of 2008
Comments on this legislation Post new comment Text and Analysis Add to Watch List
Previous Next
- Introduced by Sen. Randy Richardville (R) on October 16, 2007, to establish a new mortgage industry advisory board to determine details of the regulation, registration, training, testing and background check requirements on mortgage loan officers proposed by House Bill 5288. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 and Senate Bills 826 to 833.
- Referred to the Senate Banking and Financial Institutions Committee on October 16, 2007.
- Reported in the Senate on October 25, 2007, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
- Substitute offered in the Senate on November 1, 2007, to replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described. The substitute passed by voice vote in the Senate on November 1, 2007.
- Referred to the Senate Banking and Financial Institutions Committee on October 16, 2007.
- Passed 38 to 0 in the Senate on November 6, 2007.
Who Voted "Yes" and Who Voted "No" - Received in the House on November 6, 2007.
- Referred to the House Banking and Financial Services Committee on November 6, 2007.
- Reported in the House on January 31, 2008, without amendment and with the recommendation that the bill pass.
- Referred to the House Banking and Financial Services Committee on November 6, 2007.
- Passed 106 to 1 in the House on February 13, 2008, to establish a new mortgage industry advisory board to determine details of the regulation, registration, training, testing and background check requirements on mortgage loan officers proposed by House Bill 5288. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 and Senate Bills 826 to 833.
Who Voted "Yes" and Who Voted "No" - Moved to reconsider by Rep. Steve Tobocman (D) on February 13, 2008, to reconsider the vote by which the House passed the bill. The motion passed by voice vote in the House on February 13, 2008.
- Received in the House on February 19, 2008, to establish a new mortgage industry advisory board to determine details of the regulation, registration, training, testing and background check requirements on mortgage loan officers proposed by House Bill 5288. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 and Senate Bills 826 to 833. Passed 107 to 1 in the House on February 19, 2008.
Who Voted "Yes" and Who Voted "No" - Signed by Gov. Jennifer Granholm on April 2, 2008.
Most Recent Comments
1) The Sub prime by Anonymous Citizen on February 4, 2008market was created when the government said that the mortgage companies were discriminating against poor people and not giving people loans that they couldn't afford. Now the mortgage companies that want folks to pay the payments that they signed on for are evil????
Reply
Another law to fix a problem that can be handled by the market, another attempt to close the barn door after the horses are all gone.
Reply
Senator Hunter's statement is as follows:
First of all, I wanted to thank the distinguished chair of the Banking and Financial Institutions Committee for leading this very worthwhile effort. He, as well as I, have been very adamant in addressing the foreclosure crisis in our great state. I am glad we have come up with some great legislation in a bipartisan and bicameral basis which can further add integrity to the mortgage industry.
As mentioned before, this loan officer registration package represents months of work between our regulators and theindustry. I believe the final product is very consumer-friendly. I, therefore, encourage my colleagues to support Senate Bill Nos. 826 through 833.
Reply
View Full Conversation
