2007 House Bill 5447

Loosen MSHDA borrowing and lending restrictions

Introduced in the House

Nov. 8, 2007

Introduced by Rep. Joel Sheltrown (D-103)

To allow the Michigan State Housing Developing Authority to provide loan subsidies for the refinancing of home loans. Under current law the Authority may subsidize loans for acquisition only. The bill is part of a package comprised of House Bills 5442 to 5447.

Referred to the Committee on Banking and Financial Services

Nov. 28, 2007

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Dec. 4, 2007

Substitute offered by Rep. Joel Sheltrown (D-103)

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

The substitute passed by voice vote

Passed in the House 100 to 4 (details)

To allow the Michigan State Housing Developing Authority to provide loan subsidies for the refinancing of home loans. Under current law the Authority may subsidize loans for acquisition only. The bill is part of a package comprised of House Bills 5442 to 5447.

Received in the Senate

Dec. 5, 2007

Referred to the Committee on Banking and Financial Institutions