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MI SB0516
Bill
AI Summary
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Prohibits filing foreclosure actions on agricultural mortgages or land contracts unless the creditor serves a mediation notice on the debtor and the Department of Agriculture and Rural Development, and foreclosure is allowed under the farm loan mediation act.
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Prohibits applying for writs of attachment, garnishment, or execution against agricultural property subject to the farm loan mediation act unless a mediation notice is served and the farm loan mediation act allows such action.
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Requires creditors to provide debtors with specific mediation notice language explaining their right to mediation, the one-time nature of mediation for defaulted debts, and instructions for filing a mediation request within 14 days of receiving notice.
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Requires the Department of Agriculture and Rural Development to provide orientation meetings and financial analysts to help farmers prepare financial information for mediation proceedings.
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Makes the act effective 90 days after enactment, contingent on Senate Bill 517 of the 99th Legislature also being enacted into law.
Legislative Description
Civil procedure; execution; foreclosure of mortgages and land contracts of agricultural property and collection of agricultural debts; provide opportunity for mediation. Amends secs. 3204, 4001, 4011, 5726, 5728 & 6001 of 1961 PA 236 (MCL 600.3204 et seq.) & adds secs. 3104 & 4010. TIE BAR WITH: SB 0517'17
Agriculture: other
Last Action
Referred To Committee On Banking And Financial Institutions
9/6/2017