Introduced
by
To revise details of certain procedures, deadlines and more in a 2009 law that requires lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers, before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-5) 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 as previously described.
The substitute passed by voice vote
Amendment offered
by
To strip out a provision extending the sunset of certain provisions of this law until 2015, and instead extend them one more year, until the end of 2012.
The amendment passed by voice vote
Amendment offered
by
To eliminate the sunset on key provisions of this law.
The amendment failed by voice vote
Passed in the House 108 to 0 (details)
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-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 as previously described.
The substitute passed by voice vote
Amendment offered
by
To give Michigan courts the power to impair residential mortgage contracts in favor of the borrower. Specifically, a court could order that the borrower could fail to repay up to 36 percent of the value of the loan and still keep the house. If the debtor then sold the house at a profit, the lender would only be entitled to one-half of the gain, with the delinquent borrower keeping the rest. Note: The amendment, and Senate Bill 860 upon which it is based, would appear to violate the state Constitution, article 1 section 10, prohibiting enactment of a law "impairing the obligation of contract".
The amendment failed 12 to 26 (details)
Passed in the Senate 38 to 0 (details)
To revise details of certain procedures, deadlines and more in a 2009 law that requires lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers, before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).
To concur with the Senate-passed version of the bill.
Passed in the House 106 to 0 (details)
