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Legislation watch
2014 House Bill 5277: Revise foreclosure restrictions
Public Act 125 of 2014
Introduced by Rep. Mike Callton (R) on February 4, 2014
To revise details of a 2013 law that made changes to the right of a mortgage foreclosure auction property buyer to monitor the property during the post-auction redemption period (during which a delinquent borrower can pay the loan in full to redeem the property). The bill would impose more restrictions on inspections by the buyer, require more notice before interior inspections, and offer more opportunities for the borrower to repair or correct damage before the buyer can claim immediate ownership rights. Official Text and Analysis.
Referred to the House Financial Liability Reform Committee on February 4, 2014
Reported in the House on February 26, 2014
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered in the House on March 6, 2014
The substitute passed by voice vote in the House on March 6, 2014
Amendment offered by Rep. Mike Callton (R) on March 6, 2014
To establish a new date on which the bill would go into effect.
The amendment passed by voice vote in the House on March 6, 2014
Received in the Senate on March 11, 2014
Referred to the Senate Banking and Financial Institutions Committee on March 11, 2014
Reported in the Senate on March 18, 2014
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on April 23, 2014
The substitute passed by voice vote in the Senate on April 23, 2014
Received in the House on April 29, 2014
To concur with the Senate-passed version of the bill.
Signed by Gov. Rick Snyder on May 20, 2014