Bill Text: MI HB4591 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Consumer credit; predatory lending; general revision to consumer mortgage protection act; general applicability of act. Amends secs. 12 & 13 of 2002 PA 660 (MCL 445.1642 & 445.1643). TIE BAR WITH: HB 4585'09, HB 4586'09, HB 4587'09, HB 4588'09, HB 4589'09, HB 4590'09, HB 4592'09, HB 4593'09

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2009-03-18 - Printed Bill Filed 03/18/2009 [HB4591 Detail]

Download: Michigan-2009-HB4591-Introduced.html

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HOUSE BILL No. 4591

 

March 17, 2009, Introduced by Reps. Ebli, 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 12 and 13 (MCL 445.1642 and 445.1643).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 12. (1) This act does not limit the authority of the

 

commissioner, the attorney general, or a county prosecutor to

 

enforce any law under which a person is chartered, organized,

 

licensed, registered, regulated, or otherwise authorized to do

 

business in this state.

 

     (2) The rights conferred by this act are independent of and in

 

addition to any other rights under state or federal law.

 

     Sec. 13. (1) No later than December 31, 2003, the office of

 

financial and insurance services shall develop and make available

 

to local units of government, financial institutions, and other

 

interested persons 1 or more model programs for financial

 

education.

 

     (2) The program required under this section shall be designed

 

to teach personal financial management skills and the basic

 

principles involved with saving, borrowing, investing, and

 

protection against predatory and other fraudulent lending

 

practices. This act applies to any home loan or other transactions

 

governed by this act concerning real property located in this

 

state.

 

     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. 4590(request no.

 

01104'09).

 

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

 

01105'09).

 

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

 

01107'09).