HOUSE BILL No. 4890
September 28, 1999, Introduced by Reps. Vear, DeHart, Gieleghem and Daniels and referred to the Committee on Insurance and Financial Services. A bill to amend 1981 PA 125, entitled "The secondary mortgage loan act," (MCL 493.51 to 493.81) by adding section 22a. THE PEOPLE OF THE STATE OF MICHIGAN ENACT: 1 SEC. 22A. IF A LICENSEE REQUIRES AS A CONDITION OF PROVID- 2 ING A LOAN THAT THE BORROWER ESTABLISH AND DEPOSIT FUNDS INTO AN 3 ESCROW ACCOUNT MAINTAINED BY THE LICENSEE, THE LICENSEE SHALL PAY 4 A RATE OF INTEREST ON THE DEPOSITED FUNDS AS DETERMINED BY THE 5 COMMISSIONER. 00379'99 d Final page. SAT