October 11, 2007, Introduced by Reps. Corriveau, Angerer, Tobocman, Sak, Clack, Simpson, Byrnes, Jackson, Johnson, Miller, Accavitti, Melton, Young, Kathleen Law, Hopgood, Brown, Valentine, Hammel, Robert Jones, Mayes, Vagnozzi, Clemente, Gonzales, Virgil Smith and Dean and referred to the Committee on Banking and Financial Services.
A bill to amend 2002 PA 660, entitled
"Consumer mortgage protection act,"
by amending sections 8 and 9 (MCL 445.1638 and 445.1639).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 8. (1) The commissioner may conduct examinations and
investigations
of a person over whom which
the commissioner has
regulatory authority as necessary to determine whether the person
is
brokering, making, servicing, or collecting mortgage home loans
as required by this act.
(2) The commission may promulgate reasonable rules under the
administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to
24.328, as necessary to implement and administer this act.
Sec. 9. If the commissioner determines that a person is
brokering,
making, servicing, or collecting mortgage home loans in
violation of this act, the commissioner shall do 1 or more of the
following:
(a) Initiate a cause of action under section 10.
(b) If the person is chartered, licensed, registered,
regulated, or administered by the commissioner under a law of this
state, the commissioner shall enforce the penalties and remedies
under that law.
(c) Forward a complaint to the appropriate regulatory or
investigatory authority.
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 94th Legislature are
enacted into law:
(a) Senate Bill No.____ or House Bill No. 5294(request no.
02456'07 *).
(b) Senate Bill No.____ or House Bill No. 5295(request no.
04909'07 *).
(c) Senate Bill No.____ or House Bill No. 5296(request no.
04910'07 *).
(d) Senate Bill No.____ or House Bill No. 5297(request no.
04911'07 *).
(e) Senate Bill No.____ or House Bill No. 5298(request no.
04912'07 *).
(f) Senate Bill No.____ or House Bill No. 5299(request no.
04913'07 *).
(g) Senate Bill No.____ or House Bill No. 5301(request no.
05436'07).
(h) Senate Bill No.____ or House Bill No. 5302(request no.
05437'07).
(i) Senate Bill No.____ or House Bill No. 5303(request no.
05438'07).