2011 House Bill 4544 / Public Act 303

Revise foreclosure restrictions

Introduced in the House

April 13, 2011

Introduced by Rep. Lisa Posthumus Lyons (R-86)

To revise details of certain procedures, deadlines and more in a 2009 law that requires lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers, before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).

Referred to the Committee on Banking and Financial Services

Dec. 1, 2011

Reported without amendment

With the recommendation that the substitute (H-3) be adopted and that the bill then pass.

Dec. 8, 2011

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance as previously described.

The substitute passed by voice vote

Amendment offered by Rep. Lisa Posthumus Lyons (R-86)

To revise certain details related to foreclosures of agricultural property.

The amendment passed by voice vote

Passed in the House 108 to 0 (details)

Received in the Senate

Dec. 13, 2011

Referred to the Committee on Banking and Financial Institutions

Dec. 14, 2011

Reported without amendment

With the recommendation that the bill pass.

Amendment offered by Sen. Gretchen Whitmer (D-23)

To increase the period during which certain delinquent borrowers who are elderly can pay-off the debt on a foreclosed home and get it back.

The amendment failed 18 to 20 (details)

Passed in the Senate 38 to 0 (details)

To revise details of certain procedures, deadlines and more in a 2009 law that requires lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers, before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process).

Signed by Gov. Rick Snyder

Dec. 21, 2011