MI SB0992

Modifies property redemption procedures under the State Housing Development Authority Act by changing deed recording requirements from "deposit" to "record" language and updating related administrative processes.

Establishes a $10.00 fee (increased from $5.00) paid to the register of deeds for care and custody of redemption money when property is redeemed under sections 48i and 49j.

Creates a formal notice and response procedure requiring purchasers or designees to respond within 14 days of receiving redemption notices, with $1,000.00 liability for failure to respond as required.

Allows purchasers to designate a representative who can charge a fee for assisting redemption parties in calculating exact redemption amounts and receive redemption funds on behalf of the purchaser.

Repeals section 49l of the 1966 Act and updates foreclosure redemption procedures to use modern statutory language including replacing "heirs, executors, administrators" with "heir or personal representative" throughout the Act.