MI HB5984

Creates the "rent and mortgage cancellation relief program act" to provide financial assistance to individuals, businesses, and financial institutions affected by the coronavirus pandemic.

Establishes a pandemic fund administered by the Department of Labor and Economic Opportunity that receives money from any source, including federal coronavirus relief funds, with earnings remaining in the fund.

Authorizes the department to make payments from the fund to reimburse landlords and financial institutions for unpaid back-rent or mortgage payments on behalf of eligible individuals and businesses who experienced income loss due to COVID-19.

Defines "business" as entities with 50 or fewer employees and requires businesses to demonstrate income loss from the coronavirus pandemic to qualify for assistance.

Prohibits landlords, businesses, and financial institutions receiving funds under the program from charging fees or interest on the money received.