The bill amends the Revised Judicature Act of 1961, specifically sections 3232 and 3240, to update the procedures and requirements related to the sale and redemption of property following foreclosure. Key changes include the requirement for the person making the sale to promptly execute and deliver a deed to each purchaser, specifying the property location and the amounts for which each parcel was sold. Additionally, the bill mandates that the deed must be recorded within 20 days after the sale, with specific provisions regarding the redemption period and interest accrual based on whether the deed is recorded on time.

Furthermore, the bill clarifies the conditions under which a purchaser's deed may be voided if the mortgagor or their representatives redeem the property within the specified time limits. It also outlines the necessary amounts to be paid for redemption, including interest and fees, and introduces provisions for affidavits to be filed with the register of deeds to ensure accurate accounting of redemption amounts. The bill aims to streamline the foreclosure process and enhance clarity for all parties involved in property sales and redemptions.

Statutes affected:
Substitute (H-1): 600.3232, 600.3240
House Introduced Bill: 600.3232, 600.3240
As Passed by the House: 600.3232, 600.3240