2001 House Bill 4987 / 2002 Public Act 42

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Introduced in the House

June 21, 2001

Introduced by Rep. Mike Bishop (R-45)

To allow a real estate escrow deposit to be held by an escrowee other than the broker.

Referred to the Committee on Commerce

Dec. 6, 2001

Amendment offered by Rep. Mike Bishop (R-45)

To require the broker to deliver the funds to the escrowee named in the purchase agreement within two banking days of its acceptance by all parties.

The amendment passed by voice vote

Dec. 11, 2001

Passed in the House 105 to 0 (details)

Received in the Senate

Dec. 11, 2001

To allow a real estate escrow deposit to be held by an escrowee other than the broker.

Feb. 27, 2002

Passed in the Senate 34 to 0 (details)

Received in the House

Feb. 27, 2002

Signed by Gov. John Engler

March 12, 2002