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MI SB0610

Bill

Status

Passed

11/3/2010

Primary Sponsor

Randy Richardville

Click for details

Origin

Senate

95th Legislature

AI Summary

  • Creates the "Commercial Real Estate Broker's Lien Act" allowing licensed real estate brokers to place liens on commercial real property for unpaid commissions under written commission agreements.

  • Defines commercial real estate as property excluding single-family zoned land, properties with 4 or fewer residential units, and unit-by-unit sales of residential subdivisions or condominiums.

  • Requires brokers to record a claim of lien before property conveyance (or within 60 days after for installment payments, leases, and lease extensions) and provide notice to the property owner within 10 days.

  • Allows brokers to enforce liens through circuit court foreclosure proceedings within 1 year of lien attachment, with courts authorized to award costs, attorney fees, and deficiency judgments.

  • Establishes priority rules where prior-recorded mortgages and construction liens take precedence, and allows property owners to demand release of liens that have been paid or if enforcement action is not commenced within 30 days.

Legislative Description

Liens; other; commercial real estate broker's lien act; enact. Creates new act.

Occupations, real estate

Last Action

Assigned Pa 0201'10 With Immediate Effect

11/3/2010

Committee Referrals

Regulatory Reform12/8/2009
Economic Development & Regulatory Reform5/27/2009

Full Bill Text

No bill text available