MI HB6056

Amends the Occupational Code to add penalties for real estate licensees who fail to convey purchase offers to property owners and mortgage holders in foreclosure proceedings during the foreclosure action and redemption period.

Requires real estate salespersons to obtain a letter of acceptance or rejection from the mortgage-holding financial institution within 5 business days of receiving an offer to purchase on foreclosed property and immediately convey that letter to the offeror or buyer's agent.

Adds new violations to Section 2512 including failure to convey offers to purchase during foreclosure proceedings and failure to obtain and convey lender acceptance/rejection letters within the required timeframe.

Creates new Section 2516 establishing mandatory duties for real estate salespersons to present all offers to property owners and foreclosing lenders, with specific timelines and procedures for foreclosed properties.

Subjects licensees who violate these new requirements to penalties set forth in Article 6 of the Occupational Code.