2017 Senate Bill 238 / Public Act 171

Cap home lender referral fee

Introduced in the Senate

March 15, 2017

Introduced by Sen. Darwin Booher (R-35)

To permit but cap at $500 the payment of a referral fee by a financial institution to a merchant or real estate broker who refers a borrower to a lender.

Referred to the Committee on Banking and Financial Institutions

March 29, 2017

Reported without amendment

With the recommendation that the bill pass.

May 16, 2017

Passed in the Senate 32 to 5 (details)

Received in the House

May 16, 2017

Referred to the Committee on Financial Services

Oct. 25, 2017

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Nov. 7, 2017

Passed in the House 72 to 35 (details)

To permit but cap at $500 the payment of a referral fee by a financial institution to a merchant or real estate broker who refers a borrower to a lender.

Signed by Gov. Rick Snyder

Nov. 20, 2017