QUALIFIED DISPOSITIONS                                                                                                                           H.B. 4618:

                                                                                                                                                                                SUMMARY OF BILL

                                                                                                                                                REPORTED FROM COMMITTEE

House Bill 4618 (as reported without amendment)

Sponsor:   Representative Jim Haadsma

House Committee:   Financial Services

Senate Committee:   Judiciary and Public Safety

CONTENT

The bill would amend the Uniform Voidable Transactions Act to do the following:

 --     Specify that, with respect to a qualified disposition, a creditor would have the burden of proving the elements of a claim for relief by clear and convincing evidence.

 --     Prescribe rules for determining a qualified trustee's location.

 --     Specify that, with respect to a qualified disposition, a claim for relief under the Act or a claim that a disposition was not a qualified disposition would be governed by the local law of the jurisdiction in which the qualified trustee serving at the time the disposition was made was located.

MCL 566.31 et al.                                                                   Legislative Analyst:   Stephen P. Jackson

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed:   6-29-22                                                                 Fiscal Analyst:   Michael Siracuse

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.