2001 Senate Bill 471 / 2002 Public Act 4

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Introduced in the Senate

May 15, 2001

Introduced by Sen. Burton Leland (D-5)

To require a residential mortgage originator to be registered with the state in order to directly or indirectly receive any compensation or benefits from a mortgage broker, lender, or servicer other than his or her employer; and to prohibit a mortgage broker, lender, or servicer from compensating an unregistered residential mortgage originator who is not an employee. A residential mortgage originator is a person who assists another in obtaining a mortgage loan.

Referred to the Committee on Banking and Financial Institutions

May 31, 2001

Passed in the Senate 33 to 0 (details)

Received in the House

May 31, 2001

Jan. 9, 2002

Passed in the House 101 to 0 (details)

Received in the Senate

Jan. 9, 2002

Signed by Gov. John Engler

Feb. 6, 2002