MI HB5163

Amends the land bank fast track authority law to consolidate the urban land assembly loan fund into the land bank fast track fund under state authority control.

Requires the state treasurer to transfer all remaining money from the urban land assembly loan fund to the land bank fast track fund and close the urban land assembly loan fund.

Redirects loan repayments that would have gone to the urban land assembly loan fund to the land bank fast track fund instead.

Permits fund expenditures for clearing or quieting title to property, repaying loans under 1855 PA 105, and other purposes authorized by the act.

Repeals the Michigan urban land assembly act of 1981 (1981 PA 171) effective 90 days after enactment, with the overall act taking effect August 8, 2016.