FINANCIAL INSTITUTIONS: ELIM. AFFIDAVIT FILING REQ.
House Bill 6493
Sponsor: Rep. James Koetje
Committee: Insurance and Financial Services
Complete to 11-8-02
A SUMMARY OF HOUSE BILL 6493 AS INTRODUCED 11-7-02
The bill would repeal a provision of Public Act 135 of 1977, which prohibited "redlining", or loan discrimination. The section to be repealed by the bill requires a credit granting institution to file with the commissioner of the Office of Financial and Insurance Services an affidavit stating whether the institution is subject to the federal Home Mortgage Disclosure Act of 1975, and, if so, that the institution has complied with the act and related regulations.
MCL 445.1606
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This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.