2013 Senate Bill 380 / Public Act 103

Revise foreclosure restrictions

Introduced in the Senate

May 22, 2013

Introduced by Sen. Randy Richardville (R-17)

To prohibit a lender from using “foreclosure by advertisement” of a principal residence (the most common form of foreclosure, less costly and prolonged than judicial foreclosure) if the lender complied with federal regulations regarding mortgage servicer policies and procedures, or a “modification agreement” had been made between the debtor and the person who lent the money (or whoever currently owns the mortgage contract). The bill revises a <a href="http://www.michiganvotes.org/2009-HB-4453">2009 law</a> that imposed a mandate that lenders must give a delinquent debtor 90 days to negotiate a revision of the loan terms.

Referred to the Committee on Banking and Financial Institutions

May 28, 2013

Reported without amendment

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

June 11, 2013

Substitute offered

The substitute passed by voice vote

Amendment offered by Sen. Darwin Booher (R-35)

To remove the "tie-bar" that requires some related bills to go into law before this one can.

The amendment passed by voice vote

Passed in the Senate 37 to 0

To prohibit a lender from using “foreclosure by advertisement” of a principal residence (the most common form of foreclosure, less costly and prolonged than judicial foreclosure) if the lender complied with federal regulations regarding mortgage servicer policies and procedures, or a “modification agreement” had been made between the debtor and the person who lent the money (or to whom the loan was sold or transferred). The bill revises a <a href="http://www.michiganvotes.org/2009-HB-4453">2009 law</a> that imposed a mandate that lenders must give a delinquent debtor 90 days to negotiate a revision of the loan terms.

Received in the House

June 11, 2013

Referred to the Committee on Financial Services

June 13, 2013

Reported without amendment

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

June 20, 2013

Substitute offered

The substitute passed by voice vote

Amendment offered by Rep. Rashida Tlaib (D-6)

To eliminate the "tie bar" that requires several related bills to become law for this one to.

The amendment failed by voice vote

Passed in the House 103 to 6 (details)

To prohibit a lender from using “foreclosure by advertisement” of a principal residence (the most common form of foreclosure, less costly and prolonged than judicial foreclosure) if the lender complied with federal regulations regarding mortgage servicer policies and procedures, or a “modification agreement” had been made between the debtor and the person who lent the money (or to whom the loan was sold or transferred). The bill revises a <a href="http://www.michiganvotes.org/2009-HB-4453">2009 law</a> that imposed a mandate that lenders must give a delinquent debtor 90 days to negotiate a revision of the loan terms.

Received in the Senate

June 20, 2013

Passed in the Senate 28 to 10 (details)

Signed by Gov. Rick Snyder

July 3, 2013