2012 Senate Bill 1172 / Public Act 521

Extend foreclosure restrictions sunset

Introduced in the Senate

June 6, 2012

Introduced by Sen. Darwin Booher (R-35)

To extend for another two years the Dec. 31, 2012 sunset on a 2009 law that forces mortgage lenders to attempt to negotiate revisions in the terms of delinquent loans before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).

Referred to the Committee on Banking and Financial Institutions

Sept. 27, 2012

Reported without amendment

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

Substitute offered

The substitute passed by voice vote

Amendment offered by Sen. Gretchen Whitmer (D-23)

To extend the foreclosure period for recently widowed older people on Social Security.

The amendment failed 18 to 20 (details)

Passed in the Senate 37 to 1 (details)

Received in the House

Sept. 27, 2012

Referred to the Committee on Banking and Financial Services

Dec. 5, 2012

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Dec. 12, 2012

Passed in the House 109 to 0 (details)

To extend for another two years the Dec. 31, 2012 sunset on a 2009 law that forces mortgage lenders to attempt to negotiate revisions in the terms of delinquent loans before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).

Signed by Gov. Rick Snyder

Dec. 28, 2012