Checkmark
Legislation watch

Search all years.

2013 Senate Bill 380: Revise foreclosure restrictions

Public Act 103 of 2013

Introduced by Sen. Randy Richardville (R) on May 22, 2013
To prohibit a lender from using “foreclosure by advertisement” of a principal residence (the most common form of foreclosure, less costly and prolonged than judicial foreclosure) if the lender complied with federal regulations regarding mortgage servicer policies and procedures, or a “modification agreement” had been made between the debtor and the person who lent the money (or whoever currently owns the mortgage contract). The bill revises a 2009 law that imposed a mandate that lenders must give a delinquent debtor 90 days to negotiate a revision of the loan terms.   Official Text and Analysis.
Referred to the Senate Banking and Financial Institutions Committee on May 22, 2013
Reported in the Senate on May 28, 2013
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on June 11, 2013
The substitute passed by voice vote in the Senate on June 11, 2013
Amendment offered by Sen. Darwin Booher (R) on June 11, 2013
To remove the "tie-bar" that requires some related bills to go into law before this one can.
The amendment passed by voice vote in the Senate on June 11, 2013
To prohibit a lender from using “foreclosure by advertisement” of a principal residence (the most common form of foreclosure, less costly and prolonged than judicial foreclosure) if the lender complied with federal regulations regarding mortgage servicer policies and procedures, or a “modification agreement” had been made between the debtor and the person who lent the money (or to whom the loan was sold or transferred). The bill revises a 2009 law that imposed a mandate that lenders must give a delinquent debtor 90 days to negotiate a revision of the loan terms.
Received in the House on June 11, 2013
Referred to the House Financial Services Committee on June 11, 2013
Reported in the House on June 13, 2013
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on June 20, 2013
The substitute passed by voice vote in the House on June 20, 2013
Amendment offered by Rep. Rashida Tlaib (D) on June 20, 2013
To eliminate the "tie bar" that requires several related bills to become law for this one to.
The amendment failed by voice vote in the House on June 20, 2013
Received in the Senate on June 20, 2013
Signed by Gov. Rick Snyder on July 3, 2013

Comments