2007 House Bill 5290 / 2008 Public Act 62

Impose new subprime mortgage regulations

Introduced in the House

Oct. 11, 2007

Introduced by Rep. David Robertson (R-51)

To give the Office of Financial and Insurance Services (OFIS) the duty of administering the provisions of House Bills 5287 to 5289 regulating mortgage loan officers. . The bills are part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 (HB 5295 in particular).

Referred to the Committee on Banking and Financial Services

Jan. 31, 2008

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Feb. 13, 2008

Substitute offered

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 108 to 0 (details)

To give the Office of Financial and Insurance Services (OFIS) the duty of administering the provisions of House Bills 5287 to 5289 regulating mortgage loan officers. The bills are part of a subprime home loan regulation package comprised of House Bills 5287 to 5291, and Senate Bills 826 to 833.

Received in the Senate

Feb. 19, 2008

Referred to the Committee on Banking and Financial Institutions

Feb. 21, 2008

Reported without amendment

With the recommendation that the bill pass.

Feb. 27, 2008

Passed in the Senate 38 to 0 (details)

To give the Office of Financial and Insurance Services (OFIS) the duty of administering the provisions of House Bills 5287 to 5289 regulating mortgage loan officers. The bills are part of a subprime home loan regulation package comprised of House Bills 5287 to 5291, and Senate Bills 826 to 833.

Signed by Gov. Jennifer Granholm

April 2, 2008