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Michigan Legislature
Michigan Compiled Laws Complete Through PA 204 of 2018
House: Adjourned until Wednesday, July 25, 2018 10:00:00 AM
Senate: Adjourned until Wednesday, July 25, 2018 10:00:00 AM

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Committees:  BANKING AND FINANCIAL INSTITUTIONS (7/13/2018)
Sorted by: SequenceNo
Bill/Resolution
Referred Date
CommitteeSponsorSubjectMeetingsStatus
HB 4580 of 2017 (PA 127 of 2017)
Referred 6/6/2017
Banking and Financial Institutions
Farrington, DianaHousing; housing development authority; refinancing option; allow. Amends sec. 44 of 1966 PA 346 (MCL 125.1444).9/12/2017
REPORTED FAVORABLY WITHOUT AMENDMENT on 9/12/2017
HB 5094 of 2017 (PA 76 of 2018)
Referred 12/13/2017
Banking and Financial Institutions
Bellino, JosephConsumer credit; credit reports and reporting agencies; free security freeze for consumers; provide for. Amends title & secs. 11, 14, 17, 21, 23 & 31 of 2013 PA 229 (MCL 445.2521 et seq.).2/27/2018
REPORTED FAVORABLY WITHOUT AMENDMENT on 2/27/2018
HB 5811 of 2018 (PA 330 of 2018)
Referred 5/17/2018
Banking and Financial Institutions
Farrington, DianaOccupations; notaries public; remote performance of notarial acts; authorize. Amends secs. 15, 25 & 27 of 2003 PA 238 (MCL 55.275 et seq.) & adds secs. 26b & 54.6/5/2018
REPORTED FAVORABLY WITHOUT AMENDMENT on 6/7/2018
SB 0238 of 2017 (PA 0171 of 2017)
Referred 3/14/2017
Banking and Financial Institutions
Booher, DarwinConsumer credit; lending practices; authority to pay referral fees under regulatory loan act; clarify. Amends sec. 12 of 1939 PA 21 (MCL 493.12).3/28/2017
REPORTED FAVORABLY WITHOUT AMENDMENT on 3/28/2017
SB 0284 of 2017
Referred 3/29/2017
Banking and Financial Institutions
Jones, RickProperty; recording; statement of marital status in instruments conveying or mortgaging real estate; remove requirement. Amends sec. 1 of 1915 PA 79 (MCL 565.221).REASSIGNED TO COMMITTEE ON Judiciary on 3/31/2017
SB 0345 of 2017
Referred 5/2/2017
Banking and Financial Institutions
Jones, RickOccupations; securities; financial advisors to report suspected cases of financial abuse of elderly or other vulernable adults; require certain record keeping and posting of information. Amends 2008 PA 551 (MCL 451.2101 - 451.2703) by adding art. 5A. TIE BAR WITH: SB 0346'17
SB 0346 of 2017
Referred 5/2/2017
Banking and Financial Institutions
Ananich, JimOccupations; securities; financial advisors to report suspected cases of financial abuse of elderly or other vulnerable adults; require. Amends title of 2008 PA 551 (MCL 451.2101 - 451.2703) & adds art. 5A. TIE BAR WITH: SB 0345'17
SB 0430 of 2017
Referred 6/6/2017
Banking and Financial Institutions
Gregory, VincentFinancial institutions; other; definition of financial licensing acts in consumer financial services act; revise. Amends sec. 2 of 1988 PA 161 (MCL 487.2052). TIE BAR WITH: SB 0431'17
SB 0431 of 2017
Referred 6/6/2017
Banking and Financial Institutions
Gregory, VincentFinancial institutions; small loan companies; licensing of certain small loan providers; require. Creates new act. TIE BAR WITH: SB 0432'17
SB 0432 of 2017
Referred 6/6/2017
Banking and Financial Institutions
Robertson, DavidFinancial institutions; payday lending; general revisions; provide for. Amends secs. 2, 11, 22, 31, 32, 33 & 35 of 2005 PA 244 (MCL 487.2122 et seq.). TIE BAR WITH: SB 0431'17
SB 0465 of 2017
Referred 6/15/2017
Banking and Financial Institutions
Booher, DarwinLiens; construction; architects, engineers, and surveyors; allow to have a lien on recording a notice, without an actual physical improvement. Amends secs. 104, 106, 108, 108a, 109, 112 & 119 of 1980 PA 497 (MCL 570.1104 et seq.) & adds secs. 107a & 107b & repeals sec. 301 of 1980 PA 497 (MCL 570.1301).4/24/2018
5/1/2018
REPORTED FAVORABLY WITH SUBSTITUTE S-2 on 5/2/2018
SB 0516 of 2017
Referred 9/6/2017
Banking and Financial Institutions
Schmidt, WayneCivil procedure; execution; foreclosure of mortgages and land contracts of agricultural property and collection of agricultural debts; provide opportunity for mediation. Amends secs. 3204, 4001, 4011, 5726, 5728 & 6001 of 1961 PA 236 (MCL 600.3204 et seq.) & adds secs. 3104 & 4010. TIE BAR WITH: SB 0517'1710/31/2017
SB 0517 of 2017
Referred 9/6/2017
Banking and Financial Institutions
Schmidt, WayneCivil procedure; alternate dispute resolution; agricultural mediation program; establish for certain qualified persons. Creates new act. TIE BAR WITH: SB 0516'17, SB 0518'1710/31/2017
SB 0518 of 2017
Referred 9/6/2017
Banking and Financial Institutions
Schmidt, WayneCommercial code; secured transactions; enforcement of security interest in agricultural property; provide opportunity for mediation. Amends sec. 9601 of 1962 PA 174 (MCL 440.9601). TIE BAR WITH: SB 0517'1710/31/2017
SB 0604 of 2017
Referred 10/3/2017
Banking and Financial Institutions
Zorn, DaleCivil procedure; civil actions; liability for returned checks; include fees charged by financial institution. Amends sec. 2952 of 1961 PA 236 (MCL 600.2952).
SB 0632 of 2017
Referred 10/17/2017
Banking and Financial Institutions
Booher, DarwinState financing and management; authorities; cybersecurity council; create. Amends 1984 PA 431 (MCL 18.1101 - 18.1594) by adding sec. 466. TIE BAR WITH: SB 0633'175/1/2018
5/15/2018
SB 0633 of 2017
Referred 10/17/2017
Banking and Financial Institutions
Booher, DarwinTrade; data security; personal identifying information; require encryption of certain computerized data and provide remedy to depository institutions for security breaches. Amends secs. 11 & 12 of 2004 PA 452 (MCL 445.71 & 445.72). TIE BAR WITH: SB 0632'175/1/2018
5/15/2018
SB 0635 of 2017
Referred 10/18/2017
Banking and Financial Institutions
Gregory, VincentProperty; mortgages; fee assessed by foreclosure sale purchasers to calculate redemption amount; provide cap. Amends sec. 3240 of 1961 PA 236 (MCL 600.3240).11/28/2017
12/5/2017
REPORTED FAVORABLY WITH SUBSTITUTE S-1 on 12/5/2017
SB 0664 of 2017
Referred 1/30/2018
Banking and Financial Institutions
MacGregor, PeterOccupations; notaries public; electronic notarization of documents; clarify. Amends secs. 3, 5, 7 & 15 of 2003 PA 238 (MCL 55.263 et seq.) & adds secs. 26, 26a & 54.5/29/2018
DISCHARGE COMMITTEE APPROVED on 1/30/2018 REPORTED FAVORABLY WITH SUBSTITUTE S-2 on 6/7/2018
SB 0728 of 2017
Referred 12/13/2017
Banking and Financial Institutions
MacGregor, PeterFinancial institutions; credit cards; credit card arrangements act; modify definitions and update title. Amends title & sec. 1 of 1984 PA 379 (MCL 493.101).1/23/2018
REPORTED FAVORABLY WITH SUBSTITUTE S-1 on 1/23/2018
SB 0729 of 2017
Referred 12/13/2017
Banking and Financial Institutions
O'Brien, MargaretFinancial institutions; money transmitters; exemption from requirements of money transmission services act for certain gift cards and other stored value devices; clarify. Amends secs. 2, 3 & 4 of 2006 PA 250 (MCL 487.1002 et seq.).1/23/2018
REPORTED FAVORABLY WITH SUBSTITUTE S-1 on 1/23/2018
SB 0996 of 2018
Referred 5/15/2018
Banking and Financial Institutions
Schmidt, WayneOccupations; notaries public; recognition of notarial acts performed outside of this state; authorize in state notary statute. Amends title & secs. 1, 5 & 11 of 2003 PA 238 (MCL 55.261 et seq.) & adds sec. 25a. TIE BAR WITH: SB 0664'17, SB 0997'18, SB 0998'18, SB 0999'185/29/2018
REPORTED FAVORABLY WITH SUBSTITUTE S-1 on 6/7/2018
SB 0997 of 2018
Referred 5/15/2018
Banking and Financial Institutions
MacGregor, PeterCivil procedure; evidence; authentication process for notarial acts performed outside of this state; revise. Amends sec. 2102 of 1961 PA 236 (MCL 600.2102). TIE BAR WITH: SB 0664'17, SB 0996'18, SB 0998'18, SB 0999'185/29/2018
REPORTED FAVORABLY WITHOUT AMENDMENT on 5/30/2018
SB 0998 of 2018
Referred 5/15/2018
Banking and Financial Institutions
MacGregor, PeterLaw; uniform or model acts; uniform recognition of acknowledgments act; repeal. Repeals 1969 PA 57 (MCL 565.261 - 565.270). TIE BAR WITH: SB 0664'17, SB 0996'18, SB 0997'18, SB 0999'185/29/2018
REPORTED FAVORABLY WITHOUT AMENDMENT on 5/30/2018
SB 0999 of 2018
Referred 5/15/2018
Banking and Financial Institutions
Hertel, CurtisProperty; recording; requirements for recording electronic documents; modify. Amends secs. 4 & 5 of 2010 PA 123 (MCL 565.844 & 565.845). TIE BAR WITH: SB 0664'17, SB 0996'18, SB 0997'18, SB 0998'185/29/2018
REPORTED FAVORABLY WITHOUT AMENDMENT on 5/30/2018
SB 1036 of 2018 (PA 334 of 2018)
Referred 5/29/2018
Banking and Financial Institutions
Schmidt, WayneProperty; conveyances; state-owned property under the jurisdiction of the department of corrections; provide for the sale of. Creates new act.REPORTED FAVORABLY WITHOUT AMENDMENT on 5/30/2018
SR 0145 of 2018
Referred 3/21/2018
Banking and Financial Institutions
Robertson, DavidA resolution to urge the United States Congress to repeal the rule on payday and certain other loans submitted by the Consumer Financial Protection Bureau.
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