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MI SB0929
Bill
AI Summary
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Banks that make, hold, or service mortgage loans subject to foreclosure by advertisement under Michigan's Revised Judicature Act must post their mortgage loan modification criteria on their internet website.
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Banks must disclose the program, process, or guidelines used to determine whether borrowers qualify for mortgage loan modifications under Revised Judicature Act section 3205c(1).
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Requirement applies to mortgage loans that may be foreclosed by advertisement under Chapter 32 of the Revised Judicature Act (MCL 600.3201 to 600.3285).
Legislative Description
Financial institutions; banks; publication of mortgage loan modification criteria; require. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4105a.
Civil procedure, foreclosure
Last Action
Referred To Committee On Banking And Financial Institutions
10/21/2009