HB-5795, As Passed House, December 16, 2014HB-5795, As Passed Senate, December 16, 2014

HOUSE BILL No. 5795

September 10, 2014, Introduced by Reps. Lyons and Callton and referred to the Committee on Financial Services.

     A bill to amend 1961 PA 236, entitled

"Revised judicature act of 1961,"

by amending section 3140 (MCL 600.3140), as amended by 2004 PA 538.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 3140. (1) The mortgagor, the mortgagor's heirs ,

executors, or administrators, or personal representative, or any

person that has a recorded interest in the property lawfully

claiming from or under the mortgagor or the mortgagor's heirs ,

executors, or administrators or personal representative may redeem

the entire premises sold as ordered under section 3115 by paying,

within 6 months from the time of after the sale, to the purchaser

or the purchaser's executors, administrators, personal

representative 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 amount that

was bid with interest from the date of the sale at the interest

rate provided for by the mortgage.

     (2) The vendee of a land contract, the vendee's heirs ,

executors, or administrators, or personal representative, or any

person lawfully claiming from or under the vendee or the vendee's

heirs , executors, or administrators or personal representative may

redeem the entire premises sold as ordered under section 3115

within 6 months from the time of after the sale by paying to the

purchaser or the purchaser's executors, administrators, personal

representative 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 amount that

was bid with interest from the date of the sale at the interest

rate provided for by the land contract.

     (3) The A register of deeds shall not determine the amount

necessary for redemption under this section. The purchaser shall

attach an affidavit with the deed to be recorded under this section

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 on the certificate

of the auctioneer. 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. money. The purchaser shall accept the

amount computed by the designee.

     (4) If the sum for redemption money is paid to the register of

deeds under this section, the person redeeming the property shall

pay a fee of $5.00 shall be paid to the register of deeds for the

care and custody of the redemption money.

     (5) If payments are made as provided 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 that are redeemed.

     (6) The amount stated in any affidavits recorded under this

section shall be the amount necessary to satisfy the requirements

for redemption under this section.