HB-5302, As Passed House, June 18, 2008

SUBSTITUTE FOR

HOUSE BILL NO. 5302

     A bill to amend 2002 PA 660, entitled

"Consumer mortgage protection act,"

by amending sections 12 and 13 (MCL 445.1642 and 445.1643).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 12. (1) This act does not limit the authority of the

commissioner, the attorney general, or a county prosecutor to

enforce any law under which a person is chartered, organized,

licensed, registered, regulated, or otherwise authorized to do

business in this state.

     (2) The rights conferred by this act are independent of and in

addition to any other rights under state or federal law.

     Sec. 13. (1) No later than December 31, 2003, the office of

financial and insurance services shall develop and make available

to local units of government, financial institutions, and other

interested persons 1 or more model programs for financial

education.

     (2) The program required under this section shall be designed

to teach personal financial management skills and the basic

principles involved with saving, borrowing, investing, and

protection against predatory and other fraudulent lending

practices. This act applies to any home loan or other transactions

governed by this act concerning real property located in this

state.

     Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 94th Legislature are

enacted into law:

     (a) House Bill No. 5294.

     (b) House Bill No. 5295.

     (c) House Bill No. 5296.

     (d) House Bill No. 5297.

     (e) House Bill No. 5299.

     (f) House Bill No. 5300.

     (g) House Bill No. 5301.

     (h) House Bill No. 5303.