Two bills aimed at increasing transparency around foreclosure proceedings were reported from the House Economic Competitiveness Committee. House Bill 5152, sponsored by Rep. Brad Paquette (R-Niles), requires foreclosure sale notices and cancellations to be recorded with the county register of deeds. The bill outlines a standardized “notice of rights” disclosure, which includes a mandatory seven‑day cooling-off period before signing over a deed. HB 5153, sponsored by Rep. Joey Andrews (D-St. Joseph Chtr. Twp.), outlines the conditions for a transfer of post-sale redemption rights, requiring similar disclosures and the cooling-off period before those rights can be assigned. Both bills establish financial liability for buyers or assigned purchasers who fail to provide the notice of rights and stipulate the right to the proceeds from the sale of a foreclosed property are not transferrable after the notice of foreclosure is published. The bills move to the House floor for further consideration.
Michigan Townships Association
