MI SB1287

Establishes a right of first refusal for the state to purchase tax-foreclosed property at the greater of minimum bid or fair market value within the first Tuesday in July following judgment.

Requires foreclosing governmental units to hold at least 2 property sales between the third Tuesday in July and first Tuesday in November, which may be conducted via internet auction.

At the final sale, prohibits bidders who previously held title, claimed title, or held/claimed liens on the property before the foreclosure judgment, unless the foreclosing unit determines accepting their bid serves the public interest.

Requires unsold properties to be transferred to local cities, villages, or townships by December 30, or retained by the state for the land bank fast track authority if no local entity accepts them.

Establishes a restricted account for sale proceeds to cover delinquent taxes, sale costs, foreclosure expenses, property maintenance, and environmental remediation, with remaining balances returned to the land reutilization fund or county general fund.