This bill amends the Revised Judicature Act of 1961 by updating the procedures for mortgage foreclosure notifications and establishing new requirements for the conveyance of mortgaged properties. Specifically, it modifies Section 3208 to require that notice of foreclosure be published in a local newspaper for four consecutive weeks and mandates additional steps for residential properties, including recording a true copy of the notice with the register of deeds and posting it on the premises. The bill also introduces Section 3214, which outlines the obligations of grantees when conveying properties that are in foreclosure, including providing a detailed notice of rights to the grantor, observing a mandatory 7-day cooling-off period before execution, and ensuring that the notice contains specific disclosures about the property and the implications of the sale.

Furthermore, the bill establishes penalties for non-compliance with these requirements, including civil penalties for failure to record the conveyance and notice of rights, and outlines the damages a grantor may claim if the grantee fails to provide the required notice. It also specifies that if a foreclosure sale is canceled, a notice of cancellation must be recorded within 30 days. The enactment of this bill is contingent upon the passage of House Bill No. 5153.

Statutes affected:
Substitute (H-2): 600.3208
Substitute (H-4): 600.3208
House Introduced Bill: 600.3208
As Passed by the House: 600.3208