MI HB5267

Authorizes registers of deeds in counties with populations between 750,000 and 1,500,000 to determine the amount necessary for redemption of foreclosed property at the request of eligible parties.

Establishes that the redemption amount includes the sale bid price with mortgage interest, the sheriff's fee, a $5.00 custodial fee, plus any taxes, senior lien redemption costs, and insurance premiums paid by the purchaser.

Sets redemption periods ranging from 30 days to 1 year depending on property type (commercial/industrial/multifamily versus residential), loan-to-value ratio, and abandonment status.

Limits registers of deeds' liability for damages caused by incorrect redemption calculations and caps the fee for determining redemption amounts at $50.00.

Permits purchasers to designate a third party to assist in computing the redemption amount and collect redemption funds, with the purchaser required to accept the designee's calculation.