2008 Senate Bill 1552 / Public Act 325

Expand mortgage loan officer regulations

Introduced in the Senate

Nov. 5, 2008

Introduced by Sen. Cameron Brown (R-16)

To expand the licensure (“registration”) provisions for secondary mortgage loan officers to a broader range of employees involved in mortgage lending.

Referred to the Committee on Banking and Financial Institutions

Nov. 13, 2008

Reported without amendment

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

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

Passed in the Senate 35 to 0 (details)

Received in the House

Nov. 13, 2008

Referred to the Committee on Banking and Financial Services

Dec. 2, 2008

Reported without amendment

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

Dec. 3, 2008

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

Passed in the House 108 to 0 (details)

To expand the licensure (“registration”) provisions for secondary mortgage loan officers to a broader range of employees involved in mortgage lending.

Received in the Senate

Dec. 4, 2008

Passed in the Senate 35 to 0 (details)

To concur with the House-passed version of the bill.

Signed by Gov. Jennifer Granholm

Dec. 17, 2008