Crimes: other; citations to the motor vehicle sales finance act in the Michigan penal code; revise. Amends secs. 219e & 219f of 1931 PA 328 (MCL 750.219e & 750.219f). TIE BAR WITH: SB 0739'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Michigan Penal Code to clarify and strengthen penalties related to fraudulent loan applications. Specifically, it revises sections 219e and 219f to address the preparation, submission, and forwarding of applications for loans or extensions of credit when done without authorization or with knowledge of fraudulent activity. The bill defines ‘financial institution’ broadly to include various lending and financial services providers.
Key provisions
- Increases penalties for preparing or submitting fraudulent loan applications in another person’s name.
- Prohibits knowingly possessing or forwarding fraudulent loan applications.
- Defines ‘financial institution’ broadly to include lenders, mortgage brokers, and other financial service providers.
- Creates exceptions for financial institutions and their employees when acting without actual knowledge of fraud.
- Addresses the forwarding of instruments or devices used to access loan proceeds obtained through fraud.
- Specifies felony penalties for violations of the sections.
- Requires Senate Bill 739 to be enacted for the bill to take effect.
Who is affected
- Individuals seeking loans or extensions of credit
- Financial institutions (banks, lenders, mortgage brokers, etc.)
- Employees of financial institutions
- Anyone involved in the preparation or forwarding of loan applications
Bill text
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