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MI SB1284
Bill
AI Summary
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Amends the Consumer Mortgage Protection Act (2002 PA 660) to revise definitions of key lending terms in Section 2 (MCL 445.1632)
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Defines "mortgage loan" to exclude transactions for acquiring a principal dwelling, reverse mortgages, open-end credit plans, and loans not used primarily for personal, family, or household purposes
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Establishes definition of "regulated lender" to include depository institutions, licensees under various Michigan consumer finance acts, and sellers under the home improvement finance act
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Defines "state and federal laws" to encompass regulations applicable to mortgage loans and lending activities, including truth in lending act, fair housing act, fair credit reporting act, and related state and federal statutes
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Effective immediately upon filing with the Secretary of State on December 27, 2012
Legislative Description
Consumer credit; lending practices; application of consumer mortgage protection act to certain mortgage transactions; modify. Amends sec. 2 of 2002 PA 660 (MCL 445.1632).
Financial institutions, generally
Last Action
Assigned Pa 0443'12 With Immediate Effect
12/31/2012