Bill Text: MI SB0929 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Financial institutions; banks; publication of mortgage loan modification criteria; require. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4105a.

Sponsorship: Partisan Bill (Democrat 11)

Status: (Introduced - Dead) 2009-10-21 - Referred To Committee On Banking And Financial Institutions [SB0929 Detail]

Download: Michigan-2009-SB0929-Introduced.html

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SENATE BILL No. 929

 

 

October 21, 2009, Introduced by Senators WHITMER, ANDERSON, CHERRY, OLSHOVE, BARCIA, CLARKE, BASHAM, SWITALSKI, HUNTER, SCOTT and BRATER and referred to the Committee on Banking and Financial Institutions.

 

 

 

     A bill to amend 1999 PA 276, entitled

 

"Banking code of 1999,"

 

(MCL 487.11101 to 487.15105) by adding section 4105a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 4105a. If a bank makes, holds, or services mortgage loans

 

that may be foreclosed by advertisement under chapter 32 of the

 

revised judicature act of 1961, 1961 PA 236, MCL 600.3201 to

 

600.3285, the bank shall post on its internet website the program,

 

process, or guidelines used by the bank in making determinations of

 

whether borrowers whose mortgages are foreclosed under that chapter

 

qualify for mortgage loan modifications under section 3205c(1) of

 

the revised judicature act of 1961, 1961 PA 236, MCL 600.3205c.