Introduced by Rep. Lisa Lyons (R) on April 13, 2011 To revise details of certain procedures, deadlines and more in a 2009 law that requires lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers, before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process). Official Text and Analysis.
Referred to the House Banking and Financial Services Committee on April 13, 2011
Reported in the House on December 1, 2011 With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered in the House on December 8, 2011 To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote in the House on December 8, 2011
Amendment offered by Rep. Lisa Lyons (R) on December 8, 2011 To revise certain details related to foreclosures of agricultural property.
The amendment passed by voice vote in the House on December 8, 2011
Referred to the Senate Banking and Financial Institutions Committee on December 13, 2011
Reported in the Senate on December 14, 2011 With the recommendation that the bill pass.
Amendment offered by Sen. Gretchen Whitmer (D) on December 14, 2011 To increase the period during which certain delinquent borrowers who are elderly can pay-off the debt on a foreclosed home and get it back.