Gov. Rick Snyder today signed a bill that updates existing law to reflect changes in the way the Mortgage Industry Advisory Board is composed.
The board oversees mortgage-related issues in the state, and Snyder said the reform will benefit homeowners.
"The Mortgage Industry Advisory Board provides an important layer of protection for current and potential homeowners and this change will help the board continue in its role," Snyder said.
Senate Bill 19, sponsored by state Sen. Darwin Booher, reflects a change in the board's makeup, which came as a result of the 2012 merger between the Michigan Mortgage Lenders Association (MMLA) and the Michigan Mortgage Brokers Association. Previously, both groups submitted the names of three potential board members to the commissioner of the now former Office of Financial and Insurance Regulation, who would then appoint two candidates of each association to the seven-member board.
The bill gives the newly merged MMLA the ability to provide at least six suggestions, with the director of the state Department of Insurance and Financial Services now selecting four from the six nominees. Appointment requirements of the remaining three members of the board do not change.
SB 19 is now Public Act of 14 2013.
Snyder also signed SB 65, sponsored by state Sen. Jack Brandenburg. The measure will reduce administrative and compliance costs by revising details of existing law that requires employee income tax payments for businesses categorized as a flow-through entity. It is now P.A. 15 of 2013.
For more detailed information on legislation, visit www.michiganlegislature.org.