SENATE BILL No. 1305

 

 

May 7, 2008, Introduced by Senators GLEASON, CLARKE, THOMAS, BRATER, ANDERSON, SCOTT, CLARK-COLEMAN, CHERRY, OLSHOVE and SCHAUER and referred to the Committee on Banking and Financial Institutions.

 

 

 

     A bill to amend 1966 PA 346, entitled

 

"State housing development authority act of 1966,"

 

(MCL 125.1401 to 125.1499c) by adding section 44h.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 44h. If a foreclosure has been stayed pursuant to section

 

3116 or 3237 of the revised judicature act, 1961 PA 236, MCL

 

600.3116 and 600.3237, the authority may provide the mortgage

 

holder with a loan guarantee in the amount of the outstanding

 

mortgage balance or the authority may loan the borrower an amount

 

sufficient to bring delinquent payments current. The authority may

 

establish criteria for the loans and may require additional

 

security from the borrower. Funding for the loan guarantee or

 

provision of funds shall be provided through the issuance of bonds

 

under section 25.

 


     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. 1306                                  

 

              of the 94th Legislature is enacted into law.