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MI SB0578
Bill
AI Summary
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Amends definitions in the Consumer Mortgage Protection Act to update references to the director of the department of insurance and financial services and clarify terminology related to mortgage loans, depository institutions, and regulated lenders.
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Requires lenders to provide applicants with a copy of the federal special information booklet (12 CFR 1024.6) at the time of mortgage loan application, or if that federal regulation is repealed or amended, directs the department of insurance and financial services to prepare and maintain an alternative borrower rights document.
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Directs the department of insurance and financial services to develop and make available model financial education programs to local governments and financial institutions that teach personal financial management, saving, borrowing, investing, and protection against predatory lending practices.
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Repeals section 7 of the 2002 Consumer Mortgage Protection Act (MCL 445.1637).
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Takes effect 90 days after enactment, with approval date of March 15, 2016 and effective date of June 13, 2016.
Legislative Description
Consumer credit; predatory lending; mortgage borrowers' bill of rights; modify to refer to federal home loan publications. Amends secs. 2, 6 & 13 of 2002 PA 660 (MCL 445.1632 et seq.) & repeals sec. 7 of 2002 PA 660 (MCL 445.1637).
State agencies (existing): insurance and financial services
Last Action
Assigned Pa 0044'16 With Immediate Effect
3/16/2016