Civil procedure: foreclosure; public sale of property being foreclosed by advertisement; allow to be held virtually. Amends secs. 3216 & 3220 of 1961 PA 236 (MCL 600.3216 & 600.3220). TIE BAR WITH: SB 527'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies Michigan law regarding foreclosure sales to allow them to be conducted virtually. Specifically, it permits public foreclosure sales to be held online, provided the platform is secure and accessible. The bill also adjusts procedures for adjourning sales and publishing notices, including requirements for online sales.
Key provisions
- Allows foreclosure sales to be conducted online via a secure auction platform.
- Sets a 24-hour deadline for the highest bidder to pay in online sales.
- Modifies procedures for adjourning foreclosure sales.
- Requires notice of adjournment to be posted on the online sale platform and the county’s website.
- Specifies publication requirements for adjournments lasting longer than one week.
- Addresses the timing of publication for adjournment notices.
Who is affected
- Homeowners facing foreclosure
- Mortgage lenders
- Circuit court clerks
- County sheriffs and deputies
- Potential bidders
Notable changes
- Introduces the option for online foreclosure sales.
- Updates notice requirements for sales and adjournments to include online postings.
- Establishes a specific timeframe for payment in online sales.
Bill text
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- Senate Introduced Bill
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