Michigan House Bill HB4785

Michigan 2023-2024 Regular Session

• Introduced: 6/15/23
• Refer: 6/15/23

Caption

Financial institutions: other; certain references in the regulatory loan act; make gender neutral. Amends sec. 17 of 1939 PA 21 (MCL 493.17). TIE BAR WITH: HJR F'23

Impact

By revising the language to be gender-neutral, HB4785 is designed to promote equality, particularly in the context of chattel mortgages and other liens on household goods. The bill stipulates that both spouses must sign these documents for validity unless they have been living apart for more than five months. This change acknowledges and reinforces equal partnership in financial decisions within marriages and partnerships, which could lead to a significant impact on how mortgages and liens are processed.

Summary

House Bill 4785 seeks to amend the 1939 Regulatory Loan Act by making certain provisions more gender-neutral. Specifically, the bill amends Section 17 of the act to clarify that assignments or orders for the payment of salary or other forms of compensation as collateral for loans are valid only under specific conditions. This aims to modernize the language used in the legislation, enhancing its relevance and clarity concerning contemporary standards.

Contention

While the bill appears straightforward in its intentions, there may be underlying contention regarding the procedural aspects of legislative amendments that tie to gender considerations. Critics might argue about the necessity and potential complexities arising from such amendments, especially regarding the implications for existing financial agreements. Furthermore, the bill raises broader discussions about the continuous need for legal texts to evolve with societal norms, which may invite varied opinions among different legislative members.