2008 Senate Bill 1553 / Public Act 326

Expand mortgage loan officer regulations

Introduced in the Senate

Nov. 5, 2008

Introduced by Sen. Alan Sanborn (R-11)

To deposit the registration fees that would be collected under Senate Bill 1552 into the Mortgage Brokers, Lenders, and Servicers Licensing Fund.

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

Without amendment and with the recommendation that the bill pass.

Dec. 3, 2008

Passed in the House 108 to 0 (details)

To deposit the registration fees that would be collected under Senate Bill 1552 into the Mortgage Brokers, Lenders, and Servicers Licensing Fund.

Signed by Gov. Jennifer Granholm

Dec. 17, 2008