MI HB6116

Creates the land reutilization fund within the Department of Treasury to receive money and other assets from any source, with the state treasurer directing fund investments and crediting interest and earnings to the fund.

Allows the Department of Treasury to expend money from the fund for title insurance contracts, address determination and notice service costs, defense of title actions, and other costs related to foreclosure and disposition of tax-forfeited property.

Permits the state treasurer to transfer any remaining balance from the delinquent property tax administration fund to the land reutilization fund.

Requires $9,150,000.00 from the fund to be transferred to the general fund for the fiscal year ending September 30, 2020.

Fund balances at the close of each fiscal year remain in the fund and do not lapse to the general fund; effective October 1, 2020.