Bill > SB0753

This bill amends sections 219e and 219f of the Michigan penal code to update language and clarify provisions related to fraudulent loan applications and credit extensions. The bill makes several technical changes, such as replacing "who" with "that" throughout the text and making minor grammatical adjustments. The key provisions prohibit preparing, submitting, receiving, or possessing loan applications or credit extension documents without authorization, with penalties including up to 4 years in prison and/or a fine up to $2,500 for violations under section 219e, and up to 4 years in prison and/or a fine up to $100,000 for violations under section 219f. The bill also provides specific exemptions for financial institutions and their employees when they unknowingly handle potentially fraudulent documents or submit applications to law enforcement, regulatory agencies, or credit reporting agencies for verification. The definition of "financial institution" is expanded to include various types of lenders, including those regulated under different state and federal financial acts. Importantly, the bill is tied to another piece of legislation (Senate Bill 739) and will only take effect if that companion bill is also enacted into law.