2007 Senate Bill 830 / 2008 Public Act 68

Impose new subprime mortgage regulations

Introduced in the Senate

Oct. 16, 2007

Introduced by Sen. Tupac Hunter (D-5)

To give the state Office of Financial and Insurance Services (rather than the legislature) the authority to set fees sufficient to defray the estimated cost of administering and enforcing loan officer registration regulations, and require a fee of at least $15 for amending a registration.

Referred to the Committee on Banking and Financial Institutions

Oct. 25, 2007

Reported without amendment

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

Nov. 1, 2007

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Nov. 6, 2007

Passed in the Senate 38 to 0 (details)

Received in the House

Nov. 6, 2007

Referred to the Committee on Banking and Financial Services

Jan. 31, 2008

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Feb. 13, 2008

Passed in the House 105 to 3 (details)

To give the state Office of Financial and Insurance Services (rather than the legislature) the authority to set fees sufficient to defray the estimated cost of administering and enforcing loan officer registration regulations, and require a fee of at least $15 for amending a registration.

Signed by Gov. Jennifer Granholm

April 2, 2008