MI
Michigan House Bill HB5367

Michigan 2023-2024 Regular Session

Michigan House Bill HB5367

Introduced
11/14/23  
Refer
11/14/23  
Refer
1/10/24  

Caption

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: HB 5354'23

Impact

This bill signifies a firm step toward fortifying the legal framework against credit fraud and identity theft in Michigan. By clarifying the responsibilities of both individuals and financial institutions in loan application processes, HB5367 proposes to deter fraudulent activities that can harm both financial institutions and unsuspecting individuals. Additionally, the inclusion of liabilities for unauthorized acts reinforces state laws surrounding consumer protections and financial integrity.

Summary

House Bill 5367 aims to amend the Michigan Penal Code (1931 PA 328) by updating sections 219e and 219f, which deal with the unauthorized preparation and submission of loan applications. This bill categorically prohibits individuals from submitting loan applications in another person's name without proper authorization. It also extends to the possession of applications and related instruments, establishing that a person found guilty of such violations could face significant penalties, including felonies punishable by up to four years in prison or fines reaching $2,500. The intention of HB5367 is to strengthen laws against identity theft related to financial transactions.

Contention

Notably, the bill's implications vary widely, and its journey through the legislative process has already stirred some discussion. There may be concerns regarding how these new definitions and restrictions could affect the operations of financial institutions and the confusion it might cause regarding what constitutes 'prior actual knowledge' of violations. The bill's impact will likely be scrutinized by various stakeholders, including lending institutions that fear operational burdens and legal repercussions under the newly defined frameworks.

Last_action

The House Committee reported HB5367 with a recommendation on May 23, 2024, where it saw a favorable vote of 9 yeas to 6 nays, indicating a level of contention that may persist as it moves through further legislative review.

Latest HB5367 Activity

Companion Bills

MI HB5354

Same As Trade: vehicles; motor vehicle sales finance act; modify. Amends title & secs. 2, 4, 5, 6, 6a, 7, 8, 9, 10, 11, 12, 13, 13a, 14, 14a, 15, 16, 16a, 17, 18, 19, 20, 21, 22, 22a, 28, 29, 30, 31 & 34 of 1950 (Ex Sess) PA 27 (MCL 492.102 et seq.); adds secs. 4a, 9a & 37a & repeals secs. 37 & 41 of 1950 (Ex Sess) PA 27 (MCL 492.137 & 492.141). TIE BAR WITH: HB 5355'23, HB 5356'23, HB 5357'23, HB 5358'23, HB 5359'23, HB 5360'23, HB 5361'23, HB 5362'23, HB 5363'23, HB 5364'23, HB 5365'23, HB 5366'23, HB 5367'23

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