2009 Senate Bill 465 / Public Act 78

Comply with federal mortgage loan officer licensure mandate

Introduced in the Senate

April 23, 2009

Introduced by Sen. Alan Sanborn (R-11)

To amend the state consumer financial services act to comply with the federal “Secure and Fair Enforcement for Mortgage Licensing” Act of 2008 (“SAFE Act”) mandate. This creates a nationwide mortgage licensing registry; specifies for loan officer testing and training qualifications, and their continuing education courses; mandates criminal background checks and fingerprinting; and more.

Referred to the Committee on Banking and Financial Institutions

May 19, 2009

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

June 23, 2009

Substitute offered

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

June 24, 2009

Passed in the Senate 36 to 0 (details)

Received in the House

June 24, 2009

Referred to the Committee on Banking and Financial Services

July 15, 2009

Passed in the House 105 to 1 (details)

To amend the state consumer financial services act to comply with the federal “Secure and Fair Enforcement for Mortgage Licensing” Act of 2008 (“SAFE Act”) mandate. This creates a nationwide mortgage licensing registry; specifies for loan officer testing and training qualifications, and their continuing education courses; mandates criminal background checks and fingerprinting; and more.

Signed by Gov. Jennifer Granholm

July 29, 2009