Introduced
by
To revise the penalties in the 2002 <a href="http://www.michiganvotes.org/2002-HB-6121">law</a> regulating "high-cost" (subprime) home loans. Under the current law, violations are subject to a $10,000 civil fine ($20,000 for subsequent offenses) unless the violation was unintentional. The bill would impose a $3,000 civil fine for each violation, with a maximum fine of $30,000 in a single loan with multiple violations. The bill would make knowing violations a misdemeanor subject to a $15,000 fine and up to one year in jail, and eliminate a provision exempting violations corrected within 60 days of discovery. 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 Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
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
Amendment offered
by
The amendment failed by voice vote
Passed in the House 101 to 8 (details)
Referred to the Committee on Banking and Financial Institutions
