Latest in the predatory lending wars. This legislation received a hearing in committee today - no news on the outcome, but here are some highlights from the bill itself:

It offers lower triggers than HOEPA - even 'new & improved' HOEPA effective 10-1.
It eliminates financed single premiums for credit insurance.
It introduces a 3-day in advance of closing disclosure that somewhat duplicates TILA & RESPA.
It introduces a borrower's bill of rights (that gets disclosed 10 days before closing), which contains a provision for advance review of ALL closing docs 48 hours before closing.
"A lender shall not, in connection with a mortgage loan, finance points & fees equivalent to more than 2% of the loan amount or $600, whichever is less."
It expects us to identify 1st time homebuyers AND 1st time refinancers, and offer them credit counseling before closing - further, we need a signed acknowledgement that they either a) got counseling or b) wish to waive counseling, before we close the loan.

Here's a link: http://www.michiganlegislature.org/mileg.asp?page=getObject&objName=2001-SB-0708&userid=

My comments to the MBA - "needlessly duplicative; unnecessarily restrictive; depository institutions should be exempted; aren't there enough disclosures out there already?". Michigan bankers may vent your spleen to Terry Greisinger or Don Heikkinen at the MBA at 517-485-3600.
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Opinions are Bartman's, not those of my employer. "A noble spirit embiggens the smallest man."