2014 Senate Bill 1087 / Public Act 421

Exempt delinquent mortgage "work-out" advisors from licensure

Introduced in the Senate

Sept. 23, 2014

Introduced by Sen. Darwin Booher (R-35)

To exempt from licensure as a mortgage originator an individual who helps delinquent home loan borrowers to renegotiate their loans.

Referred to the Committee on Banking and Financial Institutions

Oct. 22, 2014

Reported without amendment

With the recommendation that the bill pass.

Nov. 12, 2014

Passed in the Senate 36 to 0 (details)

Received in the House

Nov. 12, 2014

Referred to the Committee on Financial Services

Dec. 3, 2014

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Dec. 16, 2014

Passed in the House 107 to 1 (details)

To exempt from licensure as a mortgage originator an individual who helps delinquent home loan borrowers to renegotiate their loans.

Signed by Gov. Rick Snyder

Dec. 27, 2014