SEC. MORTGAGE LOAN ACT VIOLATION H.B. 6148:
COMMITTEE SUMMARY
House Bill 6148 (as passed by the House)
Sponsor: Representative Barbara Farrah
House Committee: Banking and Financial Services
Senate Committee: Banking and Financial Institutions
Date Completed: 12-2-08
CONTENT
The bill would amend the Code of Criminal Procedure to delete from the sentencing guidelines reference to a licensing violation of the Secondary Mortgage Loan Act, which is a Class H offense against the public trust with a statutory maximum of three years.
The bill is tie-barred to Senate Bills 343 and 356. (Senate Bill 343 (S-2) would amend the Secondary Mortgage Loan Act to reduce the maximum term of imprisonment from three years to one year, and increase the maximum fine from $5,000 to $15,000, for a person who willfully or intentionally engages in the business of making secondary mortgage loans without a license. Senate Bill 356 (S-2) would amend the Mortgage Brokers, Lenders, and Servicers Licensing Act to make it a misdemeanor, punishable by imprisonment for up to one year and/or a maximum fine of $15,000, for a person willfully or intentionally to coerce or induce a real estate appraiser to inflate the value of real property used as collateral for a mortgage loan.)
MCL 777.14p Legislative Analyst: Craig Laurie
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Fiscal Analyst: Lindsay Hollander
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb6148/0708