House Bill 5312
Sponsor: Rep. William Byl
Committee: Insurance and Financial
Services
Complete to 2-14-00
A SUMMARY OF HOUSE BILL 5312 AS INTRODUCED 2-8-00
The bill would repeal Section 6 of Public Act 135 of 1977, which deals with mortgage lending practices of credit granting institutions. Section 6 says:
On or before March 31 of each year, a credit granting institution shall file with the commissioner [of the Financial Institutions Bureau] an affidavit stating whether the institution is subject to the federal Home Mortgage Disclosure Act of 1975 . . . and, if subject to the act, that the institution has complied with the requirements of the act and the regulations promulgated under the act.
MCL 445.1606
Analyst: C. Couch