December 13, 2017, Introduced by Rep. Schor and referred to the Committee on Financial Services.
A bill to amend 1961 PA 236, entitled
"Revised judicature act of 1961,"
by amending section 5728 (MCL 600.5728).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 5728. (1) Possession may be recovered under section 5726
only
after the vendee or person holding possession under him the
vendee has been served with a written notice of forfeiture and has
failed
in the required time to pay moneys money required to be paid
under the contract or to cure any other material breach of the
contract. Unless the parties have agreed in writing to a longer
time,
the person served with a notice of forfeiture shall have has
15
days thereafter after
being served before he or she is
required
to
pay moneys money required to be paid under the contract and cure
other material breaches of the contract or to deliver possession of
the premises.
(2)
The A notice of forfeiture shall under this section must
state
the names of the parties to the contract, and the date of its
the contract's execution, and, if applicable, the date of the
recording of the contract or a certificate of residential land
contract as described in section 4 of 1879 PA 237, MCL 565.354,
concerning the land, give the address or legal description of the
premises,
specify the unpaid amount of moneys money required to be
paid
under the contract and the dates on which payments thereof of
the money were due, specify any other material breaches of the
contract, and shall
declare forfeiture of the contract effective in
15 days, or any specified longer time, after service of the notice,
unless the money required to be paid under the contract is paid and
any other material breaches of the contract are cured within that
time.
The notice shall must be dated and signed by the person
entitled
to possession, his or the
person's attorney or agent.
(3) A notice of forfeiture under this section is not effective
for any purpose unless the land contract, or a certificate of
residential land contract as described in section 4 of 1879 PA 237,
MCL 565.354, concerning the land has been recorded with the
register of deeds for the county in which the affected property is
located. To be effective, the land contract or certificate of
residential land contract must have been recorded for whichever of
the following is less:
(a) Half the time elapsed from the execution of the land
contract to the date of the notice.
(b) One year.
(4) Subsection (3) only applies to contracts for the sale of
land with 1 to 4 residential units.
Enacting section 1. Section 5728 of the revised judicature act
of 1961, 1961 PA 236, MCL 600.5728, as amended by this amendatory
act, only applies to land contracts entered into on or after the
effective date of this amendatory act.
Enacting section 2. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 5365 (request no.
01181'17 *) of the 99th Legislature is enacted into law.