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MI SB1160
Bill
AI Summary
- Creates the homeowner protection fund in the state treasury to receive money from mortgage loan servicing companies pursuant to consent judgments in foreclosure abuse actions
- Designates the state treasurer as fund administrator, operating in consultation with the department of the attorney general
- Authorizes the fund to receive money from the April 4, 2012 consent judgments affecting the 5 largest defendant mortgage loan servicers in United States v. Bank of America Corp., No. 12-0361-RMC
- Requires fund expenditures to be made upon appropriation in a manner consistent with the consent judgments
- Fund balance remaining at fiscal year-end shall remain in the fund and not revert to the general fund; interest and earnings from investments shall be credited to the fund
Legislative Description
State financing and management; funds; homeowner protection fund; establish to receive money from consent judgment with mortgage loan servicers. Creates new act.
Civil procedure, foreclosure
Last Action
Assigned Pa 0295'12 With Immediate Effect
8/15/2012
Committee Referrals
Appropriations6/7/2012
Banking & Financial Institutions5/31/2012
Full Bill Text
No bill text available