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MI SB0518
Bill
AI Summary
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Amends Michigan's Uniform Commercial Code (MCL 440.9601) to add new restrictions on enforcement of security interests in agricultural property.
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Requires secured parties to serve a mediation notice on the debtor and the Director of the Department of Agriculture and Rural Development before beginning enforcement actions (repossession, foreclosure, or court judgment).
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Mediation enforcement is only permitted after the secured party serves the required notice and enforcement is allowed under the Farm Loan Mediation Act.
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Specifies the exact content of the mediation notice, which must inform the debtor of their right to request mediation within 14 days and explain that each debt can only be mediated once.
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Takes effect 90 days after enactment, but only if Senate Bill No. 517 is also enacted into law.
Legislative Description
Commercial code; secured transactions; enforcement of security interest in agricultural property; provide opportunity for mediation. Amends sec. 9601 of 1962 PA 174 (MCL 440.9601). TIE BAR WITH: SB 0517'17
Agriculture: other
Last Action
Referred To Committee On Banking And Financial Institutions
9/6/2017