MI HB4799

Enacts the Michigan Uniform Assignment of Rents Act to establish procedures for creating, perfecting, and enforcing security interests in rental income from real property

Allows an assignee to collect rents through three methods: appointment of a receiver, recording a notice demanding payment from the property owner, or notifying tenants to pay rents directly to the assignee

Requires recorded assignment documents to be fully perfected security interests regardless of whether enforcement has occurred, and grants perfected interests priority over later-acquired judicial liens and property purchases

Exempts assignments involving 1-4 dwelling units from the act's requirements unless the property is used for agricultural, commercial, industrial, or mineral-extraction purposes, or is being developed for sale or lease

Repeals 1925 PA 228 and 1953 PA 210, and takes effect 90 days after enactment (September 22, 2022) only if HB 4800 is also enacted