LANSING—Gov. Rick Snyder on Tuesday signed legislation sponsored by Sen. Darwin Booher to update the composition of the Mortgage Industry Advisory Board, which oversees many mortgage issues.
“I am proud that Michigan took the lead to preserve the American dream with several bipartisan initiatives, such as new laws to combat mortgage fraud,” said Booher, R-Evart. “I thank the governor for signing this reform to ensure that the Mortgage Industry Advisory Board can continue its important role of reviewing mortgage industry issues and making recommendations about how we can best protect current and future Michigan homeowners. This new law was needed following a merger last year of two associations with authority to suggest candidates for appointment to the board.”
Previously, both the Michigan Mortgage Brokers Association and the Michigan Mortgage Lenders Association (MMLA) submitted three suggestions for candidates to the Office of Financial and Insurance Regulation commissioner, who then appointed two suggestions of each association to the board.
Booher’s bill, now Public Act 14 of 2013, reflects the merger of the two associations last year and gives the remaining organization, MMLA, the ability to provide at least six suggestions for board candidates, of which three must be affiliated with a licensed or registered broker.
“Crimes like mortgage fraud devastate families and impact entire communities,” said Booher, chair of the Senate Banking and Financial Institutions Committee. “Having effective oversight entities do their job helps ensure a fair and open mortgage system and protects homeowners.”