Bill Text: MI HB4590 | 2009-2010 | 95th Legislature | Introduced

---

Bill Title: Consumer credit; predatory lending; general revision to consumer mortgage protection act; revise authority of OFIS commissioner. Amends secs. 8 & 9 of 2002 PA 660 (MCL 445.1638 & 445.1639). TIE BAR WITH: HB 4585'09, HB 4586'09, HB 4587'09, HB 4588'09, HB 4589'09, HB 4591'09, HB 4592'09, HB 4593'09

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2009-03-18 - Printed Bill Filed 03/18/2009 [HB4590 Detail]

Download: Michigan-2009-HB4590-Introduced.html

---

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 4590

 

March 17, 2009, Introduced by Reps. Young, Simpson, Slavens, Liss and Barnett and referred to the Committee on Banking and Financial Services.

 

     A bill to amend 2002 PA 660, entitled

 

"Consumer mortgage protection act,"

 

by amending sections 8 and 9 (MCL 445.1638 and 445.1639).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 8. (1) The commissioner may conduct examinations and

 

investigations of a person over whom which the commissioner has

 

regulatory authority as necessary to determine whether the person

 

is brokering, making, servicing, or collecting mortgage home loans

 

as required by this act.

 

     (2) The commissioner may promulgate reasonable rules under the

 

administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to

 

24.328, as necessary to implement and administer this act.

 

     (3) The commissioner may provide guidance to any person over

 

which the commissioner has regulatory authority on the application

 

of and compliance with this act.

 

     Sec. 9. If the commissioner determines that a person is

 

brokering, making, servicing, or collecting mortgage home loans in

 

violation of this act, the commissioner shall do 1 or more of the

 

following:

 

     (a) Initiate a cause of action under section 10.

 

     (b) If the person is chartered, licensed, registered,

 

regulated, or administered by the commissioner under a law of this

 

state, the commissioner shall enforce the penalties and remedies

 

under that law.

 

     (c) Forward a complaint to the appropriate regulatory or

 

investigatory authority.

 

     Enacting section 1. This amendatory act does not take effect

 

unless all of the following bills of the 95th Legislature are

 

enacted into law:

 

     (a) Senate Bill No.____ or House Bill No. 4592(request no.

 

01098'09).

 

     (b) Senate Bill No.____ or House Bill No. 4587(request no.

 

01099'09).

 

     (c) Senate Bill No.____ or House Bill No. 4585(request no.

 

01100'09).

 

     (d) Senate Bill No.____ or House Bill No. 4586(request no.

 

01101'09).

 

     (e) Senate Bill No.____ or House Bill No. 4593(request no.

 

01103'09).

 

     (f) Senate Bill No.____ or House Bill No. 4589(request no.

 

01105'09).

 

     (g) Senate Bill No.____ or House Bill No. 4591(request no.

 

01106'09).

 

     (h) Senate Bill No.____ or House Bill No. 4588(request no.

 

01107'09).