VIOLATION OF SEC. MORTGAGE LOAN ACT H.B. 6618:
COMMITTEE SUMMARY
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House Bill 6618 (as passed by the House)
Sponsor: Representative Virgil Smith
House Committee: Banking and Financial Services
Senate Committee: Banking and Financial Institutions
Date Completed: 12-2-08
CONTENT
The bill would amend the sentencing guidelines in the Code of Criminal Procedure to delete a reference to a licensing violation of the Secondary Mortgage Loan Act. Under the Code, the offense is a Class H felony against the public trust with a statutory maximum of three years.
The bill is tie-barred to Senate Bill 1552, which would amend the Secondary Mortgage Loan Act to prohibit certain employees or agents of a licensee or registrant from performing services of a secondary mortgage loan officer unless they registered or otherwise complied with the requirements of the bill; reduce the maximum term of imprisonment for making secondary mortgage loans without a license from three years to one year, increase the maximum fine from $5,000 to $15,000, and extend the penalty to acting without a registration; and make other changes to the Act.
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. hb6618/0708