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.