2009 House Bill 4589

Impose new subprime mortgage regulations

Introduced in the House

March 17, 2009

Introduced by Rep. Mary Valentine (D-91)

To increase the penalties for mortgage lenders violating provisions of the 2002 <http://www.michiganvotes.org/2002-HB-6121">law</a> regulating subprime home loans, authorize $15,000 fines for particular loan officers, and reduce the level of immunity provided for violations that are not committed “knowingly”.

Referred to the Committee on Banking and Financial Services