Introduced
by
To revise the law that prohibits a register of deeds from determining the amount necessary for a home loan borrower to redeem a foreclosed property during. The bill would reverse this, and establish that if a register of deeds provides slightly erroneous data regarding the amount needed to redeem a foreclosed property (off by less than $50), the redemption period would be extended by three days.
Referred to the Committee on Banking and Financial Institutions
Which among other revisions placed a $50 cap on how much a register of deeds can charge to make the redemption calculation.
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To narrow the bill's application to Oakland, Macomb and Kent Counties.
The amendment passed by voice vote
Passed in the Senate 34 to 1 (details)
To revise the law that prohibits a register of deeds from determining the amount necessary for a home loan borrower to redeem a foreclosed property during. The bill would reverse this (but only in Oakland, Macomb and Kent Counties), and establish that if a register of deeds provides slightly erroneous data regarding the amount needed to redeem a foreclosed property (off by less than $50), the redemption period would be extended by three days.
Referred to the Committee on Intergovernmental, Urban, and Regional Affairs
