2013 Senate Bill 551 / 2014 Public Act 104

Revise secured loan default details

Introduced in the Senate

Sept. 25, 2013

Introduced by Sen. Darwin Booher (R-35)

To revise details of the Uniform Commercial Code that governs secured loan defaults to specify limitations on the recovery available for loss to a debtor.

Referred to the Committee on Banking and Financial Institutions

Oct. 15, 2013

Reported without amendment

With the recommendation that the bill pass.

Oct. 24, 2013

Passed in the Senate 36 to 0 (details)

Received in the House

Oct. 29, 2013

Referred to the Committee on Financial Services

March 12, 2014

Reported without amendment

Without amendment and with the recommendation that the bill pass.

March 26, 2014

Passed in the House 108 to 1 (details)

To revise details of the Uniform Commercial Code that governs secured loan defaults to specify limitations on the recovery available for loss to a debtor.

Signed by Gov. Rick Snyder

April 7, 2014