January 28, 2004, Introduced by Senator HAMMERSTROM and referred to the Committee on Local, Urban and State Affairs.
A bill to amend 1966 PA 346, entitled
"State housing development authority act of 1966,"
by amending sections 48i and 49j (MCL 125.1448i and 125.1449j),
section 48i as added by 1981 PA 173 and section 49j as amended by
1993 PA 221.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 48i. (1)
The mortgagor, ; his or her the mortgagor's
2 heirs, executors, or administrators,
; or any person lawfully
3 claiming from or under
the mortgagor or the mortgagor's heirs,
4 executors, or administrators may redeem the entire premises sold
5 by paying, within 6
months from the time date of the sale, to
6 the purchaser ; to or
the purchaser's executors,
7 administrators, or
assigns, ; or to the register of deeds in
8 whose office the deed
of sale is deposited as provided in the
9 court rules, for the
benefit of the purchaser, the sum
which was
1 bid with interest from
the time date of the sale at the
2 interest rate percent
borne provided for by the mortgage.
3 (2) The vendee
of a land contract, ; his or her the
4 vendee's heirs,
executors, or administrators, ; or any person
5 lawfully claiming from
or under the vendee of a land contract
6 or the vendee's
heirs, executors, or administrators of the
7 vendee of a land contract may redeem the entire premises
sold
8 within 6 months from the time
date of the sale by paying to the
9 purchaser ; to or
the purchaser's executors, administrators, or
10 assigns, ; or
to the register of deeds in whose office the deed
11 of sale is deposited
as provided in the court rules, for the
12 benefit of the
purchaser, the sum which was bid
with interest
13 from the time date
of the sale at the interest rate percent
14 borne provided for by the land contract. In
case the sum is
15 paid to the register
of deeds the sum of $5.00 shall be paid to
16 the register of deeds
as a fee for the care and custody of the
17 redemption money.
After these sums have been paid
18 (3) Upon the payment of sums required under this section,
19 the deed of sale is void.
and of no effect, but in case any If
20 a distinct lot or parcel separately sold is redeemed, leaving a
21 portion of the premises unredeemed, then the deed of sale is
22 inoperative merely void only as to the portion or portions of
23 the premises which are
redeemed. and to the portions not
24 redeemed it remains
valid and of full effect.
25 Sec. 49j. (1) If the
mortgagor, ; his or her the
26 mortgagor's heirs,
executors, or administrators, ; or any
27 person lawfully claiming from,
or under the mortgagor or the
1 mortgagor's heirs, executors, or administrators, redeems the
2 entire premises sold
within the applicable time limit time
3 prescribed in this
section by paying to the purchaser ; to or
4 the purchaser's
executors, administrators, or assigns, ; or to
5 the register of deeds
in whose office the deed is deposited for
6 the benefit of the
purchaser, the sum which was bid for
the
7 premises, with interest
from the time date of the sale at the
8 interest rate percent,
borne provided for by the mortgage, and
9 in case the payment is
made to the register of deeds, the sum of
10 $5.00 as a fee for the
care and custody of the redemption money,
11 then the deed shall
be is void. and of no effect. If a
12 distinct lot or parcel separately sold is redeemed, leaving a
13 portion of the premises
unredeemed, then the deed shall be
14 inoperative merely is void only as to the parcel or parcels so
15 redeemed. ,
and to those portions not so redeemed shall remain
16 valid and of full
effect.
17 (2) If,
following the sale, the purchaser pays a sum as
18 any taxes assessed against the property or insurance premiums
19 upon an insurance
policy covering any buildings
located on the
20 property which under the
terms of the mortgage it would have
21 been were the duty of the mortgagor to have
paid, had the
22 mortgage not been
foreclosed, and which premiums are
necessary
23 to keep the policy in force until the expiration of the period of
24 redemption, and the
purchaser or someone in his or her behalf a
25 representative of the purchaser having knowledge of the facts
26 makes may make an affidavit of the payment showing
the amount
27 and items paid, together
with the receipt evidencing the of
1 payment of the taxes or
insurance premiums, as the case may be,
2 together with an affidavit of an insurance agent of the insurance
3 company stating the making of the payment and also what portion
4 of the policy covers the
premium for the period prior to before
5 the expiration of the period of redemption, the affidavits and
6 the receipt shall be filed with the register of deeds with whom
7 the deed is deposited, who shall endorse on the deed the time the
8 affidavits and receipt were received. The register of deeds
9 shall record at
length the affidavit of the purchaser only and
10 shall preserve in his
or her files file the
recorded affidavit,
11 together with the tax and insurance receipts and insurance
12 agent's affidavit, until expiration of the period of redemption.
13 (3) After the purchaser's affidavit is recorded under this
14 section, redemption shall only be made upon payment of the sum
15 specified in this
subsection plus the amount shown by the
16 affidavits and
receipts to have been so paid subsections
(1) and
17 (2), with interest on the amount, from the date of the payment to
18 the date of redemption, at the interest rate specified in the
19 mortgage.
20 (4) (2) In
the case of a mortgage executed on commercial or
21 industrial property, or multifamily residential property in
22 excess of 4 units, the redemption period is 6 months from the
23 time of the sale.
24 (5) (3) In
the case of a mortgage executed on residential
25 property not exceeding 4 units and not more than 3 acres in size,
26 if the amount claimed to be due on the mortgage at the date of
27 the notice of foreclosure is more than 66-2/3% of the original
1 indebtedness secured by the mortgage, the redemption period is 6
2 months.
3 (6) (4) In
the case of a mortgage on residential property
4 not exceeding 4 units and not more than 3 acres in size, if the
5 property is abandoned as
determined pursuant to under
6 section 49k, the redemption period is 3 months.
7 (7) (5) In
the case of any mortgage on residential property
8 not exceeding 4 units and not more than 3 acres in size, if the
9 amount claimed to be due on the mortgage at the date of the
10 notice of foreclosure is more than 66-2/3% of the original
11 indebtedness secured by the mortgage and the property is
12 abandoned as determined pursuant
to under section 49k, the
13 redemption period is 1 month.
14 (8) (6) If
the property is abandoned as determined
15 pursuant to under section 49v, the redemption period is 30
16 days.
17 (9) (7) In
any other case not otherwise described in this
18 section, the redemption period is 1 year from the date of the
19 sale.