MI SB0991

Increases the fee for care and custody of redemption money from $5.00 to $10.00 when paid to the register of deeds under sections 3140 and 3240.

Establishes new procedures requiring purchasers at foreclosure sales to file affidavits stating exact redemption amounts and allows designees to assist redemptors and receive compensation for calculating redemption costs.

Creates a new section 3240a requiring persons redeeming property to provide notice to the purchaser/designee with specific information, and establishes a 14-day response period for the purchaser to either release their interest or notify the redeemer if the payment was insufficient.

Imposes liability of $1,000.00 on purchasers or designees who fail to respond within 14 days to redemption notices, and increases damages for refusing to execute release documents from $100.00 to $1,000.00 plus actual damages.

Repeals section 3244 of the 1961 Revised Judicature Act and makes various technical corrections to language regarding foreclosure procedures, deeds of sale, and redemption requirements.