A bill to amend 1977 PA 135, entitled “An act to prohibit certain mortgage lending practices by a credit granting institution; to prescribe the powers and duties of the commissioner of the financial institutions bureau in relation to those practices; to permit the establishment of local mortgage review boards; and to provide remedies and penalties,” by amending the title and sections 1 and 2 (MCL 445.1601 and 445.1602), the title and section 2 as amended by 1993 PA 43 and section 1 as amended by 2012 PA 444.
House Bill No. 5497 updates Michigan’s mortgage lending laws by increasing and indexing minimum loan amounts, clarifying administrative oversight, strengthening anti-discrimination and consumer protection measures, and enhancing transparency in lending practices.
Introduced
by
Referred to the Committee on Finance
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Substitute H-4 offered
by
The substitute passed by voice vote
Passed in the House 72 to 29 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Finance, Insurance, and Consumer Protection
