Public Act 72 of 2011

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• Introduced by Sen. Michael Green (R) on May 24, 2011, to extend for another two years the July, 2011 sunset on a 2009 law that forces mortgage lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers, before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).
  • Referred to the Senate Banking and Financial Institutions Committee on May 24, 2011.
    • Reported in the Senate on June 15, 2011, with the recommendation that the substitute (S-2) be adopted and that the bill then pass.
  • Substitute offered in the Senate on June 15, 2011, to replace the previous version of the bill with one that only extends the sunset for six months. The substitute passed by voice vote in the Senate on June 15, 2011.
• Passed 38 to 0 in the Senate on June 16, 2011, to extend for another six months the July, 2011 sunset on a 2009 law that forces mortgage lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers, before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).
  Who Voted "Yes" and Who Voted "No"
• Received in the House on June 16, 2011.
  • Referred to the House Banking and Financial Services Committee on June 16, 2011.
    • Reported in the House on June 22, 2011, without amendment and with the recommendation that the bill pass.
• Passed 108 to 0 in the House on June 30, 2011, to extend for another six months the July, 2011 sunset on a 2009 law that forces mortgage lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers, before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).
  Who Voted "Yes" and Who Voted "No"
• Signed by Gov. Rick Snyder on July 1, 2011.