2007 House Bill 5291 / 2008 Public Act 63

Impose new subprime mortgage regulations

Introduced in the House

Oct. 11, 2007

Introduced by Rep. Darwin Booher (R-102)

To clarify the duties of the Office of Financial and Insurance Services (OFIS) with regard to investigations related to 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

Without amendment and with the recommendation that the bill pass.

Feb. 13, 2008

Passed in the House 107 to 1 (details)

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 clarify the duties of the Office of Financial and Insurance Services (OFIS) with regard to investigations related to 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