HOUSE BILL NO. 5045

A bill to amend 1966 PA 346, entitled

"State housing development authority act of 1966,"

by amending sections 48g and 48i (MCL 125.1448g and 125.1448i), section 48g as added by 1981 PA 173 and section 48i as amended by 2004 PA 540.

the people of the state of michigan enact:

Sec. 48g. (1) The person making the sale shall execute deeds specifying the names of the parties in the action, the date of the land contract or mortgage held by the authority, when and where it was recorded, a description of the premises sold, and the amount for which each parcel of land described in the deed was sold. ; and shall indorse upon

(2) The person making the sale shall state in each deed executed under subsection (1) the time it becomes when the deed will become operative if the premises are not redeemed according to law. Unless the premises or any a parcel of them are land is redeemed within the time limited for redemption the deed shall become becomes operative as to all parcels not redeemed, and shall vest vests in the grantee named in the deed or his or her the grantee's heirs or assigns all the right, title, and interest which that the mortgagor had at the time of the execution of the mortgage or at any time thereafter.after the execution of the mortgage.

(3) (2) The Except as otherwise provided under subsection (4), the deed of sale executed under subsection (1) must, as soon as practicable , and within 20 days after the sale, shall be deposited recorded with the register of deeds of the county in which the land property described in the deed of sale is situated, and the located. Upon receipt of the deed of sale, the register of deeds shall indorse upon do all of the following:

(a) Endorse on the deed the time it was the deed was received. and shall record

(b) Record the deed at length in a book to be provided in his or her the register of deed's office for that the purpose and shall index of recording deeds.

(c) Index the deed in the regular index of deeds. , and the fee

(4) If a deed is not recorded within the 20-day period described under subsection (3), the sale is not invalid, but both of the following apply on the date the deed is recorded:

(a) The interest on the sum that was bid begins to accrue.

(b) The applicable redemption period begins.

(5) The fee for recording the deed shall must be included among the other costs and expenses allowed by law.

(6) If the premises or any a parcel of them are redeemed land described in a deed recorded under this section is redeemed, the register of deeds shall write do all of the following:

(a) Write "redeemed" on the face of the record deed. the word "redeemed" and shall write at what

(b) Write the date the entry is described under subdivision (a) was made. and sign

(c) Sign the entry with his or her the register of deed's official signature.

Sec. 48i. (1) The Except as otherwise provided under this subsection and section 48g(4), the mortgagor, the mortgagor's heirs, executors, administrators, or any person lawfully claiming under the mortgagor or the mortgagor's heirs, executors, or administrators may redeem the entire premises sold by paying, within 6 months from the date of the sale, to the purchaser or the purchaser's executors, administrators, or assigns, or to the register of deeds in whose office the deed of sale is deposited as provided in the court rules, for the benefit of the purchaser, the sum which that was bid with interest from the date of the sale at the interest rate provided for by the mortgage. Notwithstanding this subsection, interest on the sum that was bid begins to accrue after the date the deed was recorded.

(2) The Except as otherwise provided under this subsection and section 48g(4), the vendee of a land contract, the vendee's heirs, executors, administrators, or any person lawfully claiming under the vendee of a land contract or the vendee's heirs, executors, or administrators of a land contract may redeem the entire premises sold within 6 months from the date of the sale by paying to the purchaser or the purchaser's executors, administrators, or assigns, or to the register of deeds in whose office the deed of sale is deposited as provided in the court rules, for the benefit of the purchaser, the sum which was bid with interest from the date of the sale at the interest rate provided for by the land contract. In case the sum is paid to the register of deeds, the sum of $5.00 shall must be paid to the register of deeds as a fee for the care and custody of the redemption money. Notwithstanding this subsection, interest on the sum that was bid begins to accrue after the date the deed was recorded.

(3) Upon On the payment of sums required under this section, the deed of sale is void. If a distinct lot or parcel separately sold is redeemed, leaving a portion of the premises unredeemed, then the deed of sale is void only as to the portion or portions of the premises which are redeemed. The register of deeds shall not determine the amount necessary for redemption. The purchaser shall attach an affidavit with the deed to be recorded that states the exact amount required to redeem the property, including any daily per diem amounts, and the date by which the property must be redeemed shall must be stated in the certificate of sale. The purchaser may include in the affidavit the name of a designee responsible on behalf of the purchaser to assist the person redeeming the property in computing the exact amount required to redeem the property. The designee may charge a fee as stated in the affidavit and may be authorized by the purchaser to receive redemption funds. The purchaser shall accept the amount computed by the designee.

(4) The amount stated in any affidavits recorded under this section shall must be the amount necessary to satisfy the requirements for redemption under this section.