Senator Richardville asked and was granted unanimous consent to make a statement and moved that the statement be printed in the Journal.
The motion prevailed.
Senator Richardville’s statement is as follows:
I will be speaking about all three bills: the one we just passed, Senate Bill No.379; the current one, Senate Bill No. 380; and the next bill, Senate Bill No. 381. These are bipartisan bills that will continue the process of registering loan officers in Michigan. They require registration for loan officers who are regulated under the Consumer Financial Services Act. The requirements in these bills are the same as the ones we passed unanimously last session for loan officers who are regulated under both the Mortgage Brokers, Lenders, and Servicers Licensing Act and the Secondary Mortgage Loan Act.
With the passage of these bills, as of April 1, 2009, all loan officers who do business in Michigan will have to be registered. The registration process is a consumer protection measure in that it ensures anyone buying a home knows the person they are working with has met all of the requirements set forth in this legislation. That would include pre-registration education, an exam, and a background check.
Colleagues, I ask for your support of these bills.