2007 Senate Bill 831 / 2008 Public Act 69

Impose new subprime mortgage regulations

Introduced in the Senate

Oct. 16, 2007

Introduced by Sen. Dennis Olshove (D-9)

To clarify references to loan officer registration, licensees and registrants in the state Mortgage Brokers, Lenders, and Servicers Licensing Act. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 and Senate Bills 826 to 833.

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 108 to 0 (details)

To clarify references to loan officer registration, licensees and registrants in the state Mortgage Brokers, Lenders, and Servicers Licensing Act. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 and Senate Bills 826 to 833.

Signed by Gov. Jennifer Granholm

April 2, 2008