LANSING, MI – January 04, 2012 – (RealEstateRama) — A new law recently signed by Gov. Rick Snyder protects property owners and renters.
House Bill 5892, sponsored by state Rep. Wayne Schmidt, amends the Rental-Purchase Agreement Act to assist both lessors and lessees of property. Lessees who are temporarily unable to make payments and surrender the property in a timely fashion now will have 90 days, rather than one month or less, to make the payments required to reinstate a rental-purchase agreement without losing any rights or options.
Lessors now will be able to require that property be returned seven days after a lessee misses a payment, instead of having to wait nearly a month. The law also clarifies what types of fees may be charged in these situations. The bill is Public Act 584 of 2012.
A second bill also has been signed by the governor. Senate Bill 264, sponsored by state Sen. David Hildenbrand, amends the Use Tax Act and the General Sales Tax Act to revise the calculation of the monthly payment required of taxpayers that are subject to an accelerated payment schedule, beginning Jan. 1, 2014. The bill is PA 585 of 2012.
For more detailed information on the legislation, visit www.legislature.mi.gov.
