May 23, 2013, Introduced by Rep. Callton and referred to the Committee on Financial Services.
A bill to amend 1961 PA 236, entitled
"Revised judicature act of 1961,"
(MCL 600.101 to 600.9947) by adding section 3206.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 3206. (1) A servicer of a mortgage of property located in
this state shall comply with 12 CFR 1024.38 to 1024.41 with respect
to the mortgage. This subsection applies to small servicers even as
to provisions of 12 CFR 1024.38 to 1024.41 that do not apply to
small servicers.
(2) This section applies to proceedings under this chapter in
which the first notice under section 3208 is published after
January 9, 2014.
(3) As used in this section:
(a) "Servicer" means that term as defined in 12 CFR 1024.2
(b) "Small servicer" means a servicer that qualifies as a
small servicer under 12 CFR 1026.41(e)(4).
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 97th Legislature are
enacted into law:
(a) Senate Bill No. ____ or House Bill No. 4764(request no.
02406'13).
(b) Senate Bill No. ____ or House Bill No. 4765(request no.
02407'13).
(c) Senate Bill No. ____ or House Bill No. 4767(request no.
02409'13).