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