- Consumer Info
By Cami Pendell
MLTA’s Marketable Title Legislation has Committee Hearing
Prior to the Legislature’s winter break, SB 671 (Jones) was introduced and referred to the Senate Local Government Committee. SB 671 is MLTA’s legislation which helps to clarify and strengthen the Marketable Title Act. Currently, the Marketable Title Act does not specifically define what kind of reference has to be in a document to continue previously created restrictions. SB 671 addresses this by providing that a document in the 40-year chain of title continues a prior restriction only if it refers to the prior restriction by the liber and page where it is recorded in the register of deeds’ records.
On January 30th, the Senate Local Government Committee held its first hearing on the bill to learn more about the issue. MLTA’s President-Elect, Phil Savich, and MLTA’s Legislative Steering Committee Chair, Bill Robinson, provided testimony explaining the intent of the legislation and provided examples of how it helps the title industry. There wasn’t any opposition to the legislation at committee and the Michigan Realtors submitted a card in support of the bill.
At the time of this writing, it’s expected that SB 671 will be taken up again on Feb. 13th for a committee vote. I’ll continue to keep MLTA members updated on the progress of this legislation in future editions of TitleBytes.
In addition to this bill, MLTA members may find the passage of HBs 4470 and 4471 of some interest. These bills create the Uniform Commercial Real Estate Receivership Act. They have been passed by both legislative Chambers and have been forwarded to the Governor’s desk for his signature. The bills are slated to go into effect 90 days after they are enacted into law.