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2017 Senate Bill 238: Cap home lender referral fee

Public Act 171 of 2017

Introduced by Sen. Darwin Booher (R) on March 15, 2017 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.   Official Text and Analysis.
Referred to the Senate Banking and Financial Institutions Committee on March 15, 2017
Reported in the Senate on March 29, 2017 With the recommendation that the bill pass.
Passed 32 to 5 in the Senate on May 16, 2017.
    See Who Voted "Yes" and Who Voted "No".
(same description)
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.
Received in the House on May 16, 2017
Referred to the House Financial Services Committee on May 16, 2017
Reported in the House on October 25, 2017 Without amendment and with the recommendation that the bill pass.
Passed 72 to 35 in the House on November 7, 2017.
    See Who Voted "Yes" and Who Voted "No".
(same description)
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 on November 20, 2017

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