reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1429 - Notes and Bonds; Personal Liability of Members of Authority.

125.1429 Notes and bonds; personal liability of members of authority.
Sec. 29.
Neither the members of the authority nor any person executing the notes or bonds shall be liable personally on the notes or bonds or be subject to any personal liability or accountability by reason of the issuance thereof.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1430 - Notes and Bonds; Purchase for Cancellation; Price.

125.1430 Notes and bonds; purchase for cancellation; price.
Sec. 30.
(1) Except as provided in subsection (2), and subject to such agreements with noteholders or bondholders as may then exist, the authority shall have power out of any funds available therefor to purchase notes or bonds of the authority, which shall thereupon be canceled, at a price not exceeding:
(a) If the notes or bonds are then redeemable, the redemption price then applicable plus accrued interest to the next interest payment date thereon.
(b) If the notes or bonds are not then redeemable, the redemption price applicable on the first date after such purchase upon which the notes or bonds become subject to redemption plus accrued interest to such date.
(2) If the authority determines that the payment of a higher price than that determined under subsection (1) is in the best interests of the authority, it may by resolution authorize the purchase at a higher price.
History:
1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1982, Act 506, Imd. Eff. Dec. 31, 1982
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1431 - Notes and Bonds; Liability of State.

125.1431 Notes and bonds; liability of state.
Sec. 31.
The state shall not be liable on notes or bonds of the authority and such notes and bonds shall not be a debt of the state. The notes and bonds shall contain on the face thereof a statement to such effect.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1432a - Issuance of Bonds to Finance Single Family Homes; Previous Ownership Interest; Publicizing Program; Report to Legislature; Section Inapplicable to Refinancing Single Family Homes.

125.1432a Issuance of bonds to finance single family homes; previous ownership interest; publicizing program; report to legislature; section inapplicable to refinancing single family homes.
Sec. 32a.
With respect to bonds, other than refunding bonds, issued to finance single family homes after November 1, 1989, for the first 60 days following the announcement of a program funded by the proceeds of those bonds, 50% of the proceeds of those bonds available to make loans, as determined by the preliminary information obtained by originating lenders at the time a reservation is submitted, shall be reserved for applicants with gross annual incomes at or below 60% of the statewide median gross income. The authority may, by resolution, waive this requirement. The authority shall advise the house of representatives and senate standing committees with jurisdiction over housing issues 5 days prior to adopting a resolution waiving this requirement. With respect to bonds, other than refunding bonds, issued to finance single family homes after November 1, 1989, not more than 50% of the proceeds of those bonds may be used to finance single family homes for homebuyers who previously have had an ownership interest in a residence. For purposes of this section, a previous ownership interest in a mobile home shall not be considered to be an ownership interest in a residence. The authority may rely on the applicant's affidavit to determine whether or not the applicant has had a prior ownership interest in a residence. The authority shall publicize the programs funded under this section by using all reasonable means available, including, but not limited to, public interest announcements in the media, and announcements to lending institutions, community groups, and real estate organizations. The authority shall submit a report annually to the legislature containing all statistics necessary to indicate its compliance with this section. This section does not apply to bonds issued to refinance single family homes.
History:
Add. 1984, Act 215, Imd. Eff. July 10, 1984 ;-- Am. 1985, Act 2, Imd. Eff. Mar. 14, 1985 ;-- Am. 1985, Act 183, Imd. Eff. Dec. 18, 1985 ;-- Am. 1989, Act 220, Imd. Eff. Dec. 11, 1989 ;-- Am. 1989, Act 281, Imd. Eff. Dec. 26, 1989 ;-- Am. 1990, Act 330, Imd. Eff. Dec. 21, 1990 ;-- Am. 1991, Act 137, Imd. Eff. Nov. 22, 1991 ;-- Am. 1993, Act 220, Imd. Eff. Oct. 29, 1993 ;-- Am. 1993, Act 221, Imd. Eff. Oct. 29, 1993 ;-- Am. 1996, Act 475, Imd. Eff. Dec. 26, 1996 ;-- Am. 2000, Act 257, Imd. Eff. June 29, 2000 ;-- Am. 2004, Act 535, Imd. Eff. Jan. 3, 2005 ;-- Am. 2008, Act 53, Imd. Eff. Apr. 3, 2008
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1432c - Repealed. 1988, Act 496, Eff. Mar. 30, 1989.

125.1432c Repealed. 1988, Act 496, Eff. Mar. 30, 1989.
Compiler's Notes:
The repealed section pertained to allocation to authority from state's unified volume limitation and to reallocation to municipalities.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1432d - Legislative Intent.

125.1432d Legislative intent.
Sec. 32d.
The legislature intends that the authority explore the possibility of reducing the cost of financing multifamily housing projects through the issuance of variable rate obligations that could be converted to long-term fixed-rate obligations. The authority is authorized to make fixed-rate mortgages with the proceeds of these obligations. The legislature also intends that the authority explore the possibility of providing subsidies to projects to assist owners in meeting the 20-50 test established in section 142 of the internal revenue code.
History:
Add. 1987, Act 179, Imd. Eff. Nov. 25, 1987
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1433 - General Reserve Fund; Creation; Payments Into Fund; Use of Fund.

125.1433 General reserve fund; creation; payments into fund; use of fund.
Sec. 33.
The authority shall create and establish a special fund, referred to as general reserve fund, and, subject to agreements with bondholders and noteholders, shall pay into the fund all fees and charges collected by the authority on loans made from and residential mortgages acquired with the proceeds of the sale of bonds and any moneys which the authority shall transfer from the capital reserve fund. Such moneys and any other moneys paid into the general reserve fund, in the discretion of the authority but subject to agreements with bondholders and noteholders, may be used by the authority (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the authority and the director of the budget, (b) to pay all costs, expenses, and charges of financing, including fees and expenses of trustees and paying agents, (c) for transfers to the capital reserve fund, (d) for the payment of the principal of and interest on bonds or notes issued by the authority when they shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where the bonds or notes are redeemed prior to their stated maturities, and to purchase bonds or notes, or (e) for such other corporate purposes of the authority as the authority in its discretion shall determine and provide.
History:
1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1434 - Notes and Bonds; Pledge and Agreement of State.

125.1434 Notes and bonds; pledge and agreement of state.
Sec. 34.
The state pledges and agrees with the holders of any notes or bonds issued under this act, that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies of the holders until the notes or bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such notes or bonds.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1435 - Trustee; Default; Powers and Duties.

125.1435 Trustee; default; powers and duties.
Sec. 35.
(1) If the authority defaults in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default continues for a period of 30 days, or if the authority fails or refuses to comply with the provisions of this act, or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25% in aggregate principal amount of the notes or bonds of such issue then outstanding, by instrument or instruments filed in the office of the clerk of the county of Ingham and approved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of such notes or bonds for the purposes herein provided.
(2) The trustee may, and upon written request of the holders of 25% in principal amount of such notes or bonds then outstanding shall, in his own name; (a) by action or proceeding, enforce all rights of the noteholders or bondholders, including the right to require the authority to collect fees and charges and interest and amortization payments on mortgage loans made by it adequate to carry out any agreement as to, or pledge of, such fees and charges and interest and amortization payments on such mortgages, and other properties and to require the authority to carry out any other agreements with the holders of such notes or bonds and to perform its duties under this act; (b) bring suit upon such notes or bonds; (c) by action, require the authority to account as if it were the trustee of an express trust for the holders of such notes or bonds; (d) by action, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such notes or bonds; (e) declare all such notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of 25% of the principal amount of such notes or bonds then outstanding, to annul such declaration and its consequences.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1436 - Trustee; Additional Powers.

125.1436 Trustee; additional powers.
Sec. 36.
The trustee, in addition to the powers granted in section 35, shall have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1437 - Venue.

125.1437 Venue.
Sec. 37.
The venue of any such action or proceeding shall be in the county of Ingham.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1438 - Notes and Bonds; Notice; Declaration, Due and Payable.

125.1438 Notes and bonds; notice; declaration, due and payable.
Sec. 38.
Before declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days' notice in writing to the governor, to the authority, and to the attorney general of the state.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1439 - Money of Authority; Deposit; Security for Deposits; Contracts With Holders of Notes or Bonds; Security for Money Held in Trust; System of Accounts; Spending for Operating Purposes; Periodic Audits; Copies.

125.1439 Money of authority; deposit; security for deposits; contracts with holders of notes or bonds; security for money held in trust; system of accounts; spending for operating purposes; periodic audits; copies.
Sec. 39.
(1) Money of the authority shall be held by the authority and deposited in a bank, national banking association, or a savings and loan association approved by the state treasurer. All deposits of money which are not fully insured by an agency of the United States shall, if required by the state treasurer or the authority, be secured by obligations of the United States, agencies of the United States, or of the state or of municipalities within the state, of a market value equal at all times to the uninsured amount of the deposit. All banks, national banking associations, and savings and loan associations may give security for the deposits.
(2) The authority may, subject to the approval of the state treasurer, contract with the holders of any of its notes or bonds as to the custody, collection, securing, investment, and payment of moneys of the authority, of any moneys held in trust or otherwise for the payment of notes or bonds, and to carry out the contract. Money held in trust or otherwise for the payment of notes or bonds or in any way to secure notes or bonds and deposits of money may be secured in the same manner as money of the authority, and all banks and trust companies may give security for the deposits.
(3) Subject to agreements with noteholders and bondholders and to the approval of the auditor general, the authority shall prescribe a system of accounts.
(4) The authority may spend for operating purposes the funds appropriated to it annually by the legislature for operating purposes or funds otherwise authorized. The auditor general shall make periodic audits of the books and records of the authority at least every 3 years and submit copies of those audits to the legislature.
History:
1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1972, Act 310, Imd. Eff. Dec. 28, 1972 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1980, Act 472, Imd. Eff. Jan. 17, 1981 ;-- Am. 1985, Act 183, Imd. Eff. Dec. 18, 1985
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1440 - Notes and Bonds; Legal Investment.

125.1440 Notes and bonds; legal investment.
Sec. 40.
The notes and bonds of the authority are securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, trust companies, savings banks and savings associations, savings and loan associations, investment companies, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1441 - Faith and Credit Bonds.

125.1441 Faith and credit bonds.
Sec. 41.
The authority from time to time at its discretion may recommend an issuance of faith and credit bonds to the legislature for a vote of the people.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1442 - Property of Authority; Exempt From Taxation.

125.1442 Property of authority; exempt from taxation.
Sec. 42.
The property of the authority and its income and operation shall be exempt from all taxation by the state or any of its political subdivisions and all bonds and notes of the authority shall be exempt from all taxation by the state or any of its political subdivisions.
History:
1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1968, Act 343, Imd. Eff. June 19, 1968
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1443 - Notes and Bonds; Exemption From Taxation.

125.1443 Notes and bonds; exemption from taxation.
Sec. 43.
The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the acceptance of and payment for the notes and bonds, that the notes and bonds of the authority, issued pursuant to this act and the income therefrom and all its fees, charges, gifts, grants, revenues, receipts, and other moneys received or to be received, pledged to pay or secure the payment of such notes or bonds shall at all times be free and exempt from all state, city, county or other taxation provided by the laws of the state, except for estate and gift taxes and taxes on transfers.
History:
1966, Act 346, Eff. Mar. 10, 1967
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1443a - Authorization of Covenant and Consent.

125.1443a Authorization of covenant and consent.
Sec. 43a.
The authority may covenant and consent in any resolution authorizing the issuance of notes or bonds that such notes or bonds shall be treated as an obligation not described in section 103(a) of the internal revenue code or any successor provision. This section shall not be construed to covenant or consent or to authorize any covenant or consent to the application of any other provision of any other laws, federal or state, to the authority or its obligations or to the elimination or modification in any way of any other exemption, privilege, or immunity of the authority or its obligations.
History:
Add. 1984, Act 215, Imd. Eff. July 10, 1984
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1444d - Authorized Loans; Purpose; Criteria.

125.1444d Authorized loans; purpose; criteria.
Sec. 44d.
(1) The authority may make loans to any nonprofit housing corporation, consumer housing cooperative, limited dividend housing corporation, limited dividend housing association, mobile home park association, or mobile home park corporation, or to any public body or agency for the construction or rehabilitation, and for the long-term financing, of housing projects that meet the following criteria:
(a) The housing project provides a system of support services that promote and preserve the independent living of persons with disabilities, the elderly, or other persons at risk of institutionalization.
(b) Social, recreational, medical, and shopping facilities are readily accessible to the residents who cannot provide their own transportation.
(c) An affordable, daily demand actuated transportation system is integrated into the project for elderly and residents with disabilities who are unable to transport themselves.
History:
Add. 1987, Act 86, Imd. Eff. June 30, 1987 ;-- Am. 1998, Act 33, Imd. Eff. Mar. 18, 1998
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1444e - Income Eligibility Standards Applicable to Tenant of Housing Project.

125.1444e Income eligibility standards applicable to tenant of housing project.
Sec. 44e.
Income eligibility standards applicable to a tenant of a housing project financed under this act shall be complied with at the time of the initial occupancy of the tenant. The authority shall require subsequent compliance with income eligibility standards by an initially eligible tenant only to the extent that the authority determines that compliance is necessary or desirable to effectuate the purposes of this act or applicable federal law.
History:
Add. 1987, Act 179, Imd. Eff. Nov. 25, 1987
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1444g - Enforcement of Promises or Commitments; Action to Be Brought Against Authority.

125.1444g Enforcement of promises or commitments; action to be brought against authority.
Sec. 44g.
An action shall not be brought against the authority to enforce any of the following promises or commitments of the authority unless the promise or commitment is in writing and signed with an authorized signature by the authority:
(a) A promise or commitment to lend money, grant or extend credit, or make any other financial accommodation.
(b) A promise or commitment to renew, extend, modify, or permit a delay in repayment or performance of a loan, extension of credit, or other financial accommodation.
(c) A promise or commitment to waive a provision of a loan, extension of credit, or other financial accommodation.
History:
Add. 1996, Act 475, Imd. Eff. Dec. 26, 1996
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1445 - Preference to Displaced Persons.

125.1445 Preference to displaced persons.
Sec. 45.
Among low income or moderate income persons, preference shall be given to those displaced by urban renewal, slum clearance, or other governmental action.
History:
1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1968, Act 343, Imd. Eff. July 19, 1968 ;-- Am. 1993, Act 220, Imd. Eff. Oct. 29, 1993
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1446 - Discrimination.

125.1446 Discrimination.
Sec. 46.
The authority shall require that occupancy of housing projects and residential real property assisted under this act shall be open to all regardless of sex, race, religion, color, national origin, age, marital status, familial status, or disability and that contractors and subcontractors engaged in the construction of housing projects and lending institutions engaged in making residential mortgages, shall take affirmative action to assure an equal opportunity for employment and borrowing. This section does not apply, with respect to the age and familial status provisions only, to the sale, rental, or lease of housing accommodations meeting the requirements of federal, state, or local housing programs for senior citizens, or housing accommodations otherwise intended, advertised, designed, or operated, bona fide, for the purpose of providing housing accommodations for persons 55 years of age or older.
History:
1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1985, Act 183, Imd. Eff. Dec. 18, 1985 ;-- Am. 1993, Act 220, Imd. Eff. Oct. 29, 1993 ;-- Am. 2000, Act 257, Imd. Eff. June 29, 2000
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448 - Foreclosure Procedures Applicable to Authority.

125.1448 Foreclosure procedures applicable to authority.
Sec. 48.
In addition to other procedures and remedies which may otherwise be available to the authority, the foreclosure procedures set forth in sections 48a to 49u shall be applicable to the authority for the foreclosure of a mortgage or land contract held by the authority and commenced after the effective date of this section.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448a - Jurisdiction to Foreclose Mortgages and Land Contracts Held by Authority.

125.1448a Jurisdiction to foreclose mortgages and land contracts held by authority.
Sec. 48a.
The circuit court has jurisdiction to foreclose mortgages of real estate and land contracts held by the authority.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448b - Other Civil Actions.

125.1448b Other civil actions.
Sec. 48b.
(1) If a judgment has been obtained in any other civil action for the money, or part thereof, demanded in the complaint in an action to foreclose a mortgage on real estate or a land contract held by the authority, no proceeding shall be had in the action to foreclose unless the sheriff or other proper officer has returned an execution as unsatisfied, in whole or in part, and certified that he or she can find no property of the defendant out of which to satisfy the execution except the mortgaged premises.
(2) After a complaint has been filed to foreclose a mortgage on real estate or land contract held by the authority, while it is pending, and after a judgment has been rendered upon it, no separate proceeding shall be had for the recovery of the debt secured by the mortgage, or any part of it, unless authorized by the court.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448c - Bringing Amount Due Into Court Before Judgment of Sale; Dismissal of Complaint.

125.1448c Bringing amount due into court before judgment of sale; dismissal of complaint.
Sec. 48c.
Whenever a complaint is filed for the satisfaction or foreclosure of any mortgage on real estate or land contract held by the authority, upon which there is due any interest or any portion or installment of the principal and there are other portions or installments to become due subsequently, the complaint shall be dismissed upon the defendant's bringing into court, at any time before the judgment of sale, the principal and interest due, with costs.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448d - Sale of Premises Pursuant to Circuit Court Order.

125.1448d Sale of premises pursuant to circuit court order.
Sec. 48d.
Whenever a complaint is filed for the foreclosure or satisfaction of any mortgage on real estate or land contract held by the authority, the court has power to order a sale of the premises which are the subject of the mortgage on real estate or land contract held by the authority, or of that part of the premises which is sufficient to discharge the amount due on the mortgage on real estate or land contract held by the authority, plus costs. But the circuit judge shall not order that the lands subject to the mortgage be sold within 6 months after the filing of the complaint for foreclosure of the mortgage or that the lands which are the subject of the land contract be sold within 3 months after the filing of the complaint for foreclosure of the land contract.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448e - Bringing Amount Due Into Court After Judgment of Sale; Stay of Proceedings; Subsequent Default.

125.1448e Bringing amount due into court after judgment of sale; stay of proceedings; subsequent default.
Sec. 48e.
If, after a judgment of sale is entered against him or her, the defendant brings into court the principal and interest due with costs, the proceedings in the action shall be stayed; but the court shall enter a judgment of foreclosure and sale to be enforced by a further order of the court upon a subsequent default in the payment of any portion or installment of the principal, or of any interest thereafter to become due.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448f - Public Sale of Land by County Clerk, Deputy County Clerk, or Other Authorized Person; Hours; Location; Sale Subject to MCL 600.6091.

125.1448f Public sale of land by county clerk, deputy county clerk, or other authorized person; hours; location; sale subject to MCL 600.6091.
Sec. 48f.
All sales of land on foreclosure of a land contract or mortgage on real estate held by the authority shall be made by the county clerk of the county in which the judgment was rendered or of the county where the land or some part of the land is situated, by a deputy county clerk, or by some other person duly authorized by the order of the court. These sales shall be at public sale between the hours of 9 a.m. and 4 p.m. and shall take place at the courthouse or place of holding of the circuit court for the county in which the land or some part of it is situated or at any other place the court directs. The sale is subject to section 6091 of Act No. 236 of the Public Acts of 1961, as amended, being section 600.6091 of the Michigan Compiled Laws.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448g - Deed of Sale; Execution; Operation; Right, Title, and Interest Vested in Grantee; Recordation; Redemption of Premises.

125.1448g Deed of sale; execution; operation; right, title, and interest vested in grantee; recordation; redemption of premises.
Sec. 48g.
(1) The person making the sale shall execute deeds specifying the names of the parties in the action, the date of the land contract or mortgage held by the authority, when and where it was recorded, a description of the premises sold, and the amount for which each parcel of land described in the deed was sold; and shall indorse upon each deed the time it becomes operative if the premises are not redeemed according to law. Unless the premises or any parcel of them are redeemed within the time limited for redemption the deed shall become operative as to all parcels not redeemed, and shall vest in the grantee named in the deed or his or her heirs or assigns all the right, title, and interest which the mortgagor had at the time of the execution of the mortgage or at any time thereafter.
(2) The deed of sale as soon as practicable, and within 20 days after the sale, shall be deposited with the register of deeds of the county in which the land described in the deed of sale is situated, and the register shall indorse upon the deed the time it was received and shall record the deed at length in a book to be provided in his or her office for that purpose and shall index the deed in the regular index of deeds, and the fee for recording the deed shall be included among the other costs and expenses allowed by law. If the premises or any parcel of them are redeemed the register of deeds shall write on the face of the record the word "redeemed" and shall write at what date the entry is made and sign the entry with his or her official signature.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448h - Sale Proceeds; Application to Discharge of Debt; Surplus; Interest.

125.1448h Sale proceeds; application to discharge of debt; surplus; interest.
Sec. 48h.
(1) The proceeds of every sale under a judgment shall be applied to the discharge of the debt adjudged by the court to be due and of the costs awarded. If there is any surplus, it shall be brought into court for the use of the defendant, or of the person entitled to it, subject to the order of the court.
(2) If the surplus or any part of it remains in the court for the term of 3 months without being applied for, the circuit court may direct that it be put out at interest under the direction of the court for the benefit of the defendant or his or her representatives, or assigns to be paid to them by the order of the court.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448i - Redemption of Premises; Effect on Deed of Sale; Affidavit.

125.1448i Redemption of premises; effect on deed of sale; affidavit.
Sec. 48i.
(1) The mortgagor, the mortgagor's heirs, executors, administrators, or any person lawfully claiming under the mortgagor or the mortgagor's heirs, executors, or administrators may redeem the entire premises sold by paying, within 6 months from the date of the sale, to the purchaser or the purchaser's executors, administrators, or assigns, or to the register of deeds in whose office the deed of sale is deposited as provided in the court rules, for the benefit of the purchaser, the sum which was bid with interest from the date of the sale at the interest rate provided for by the mortgage.
(2) The vendee of a land contract, the vendee's heirs, executors, administrators, or any person lawfully claiming under the vendee of a land contract or the vendee's heirs, executors, or administrators of a land contract may redeem the entire premises sold within 6 months from the date of the sale by paying to the purchaser or the purchaser's executors, administrators, or assigns, or to the register of deeds in whose office the deed of sale is deposited as provided in the court rules, for the benefit of the purchaser, the sum which was bid with interest from the date of the sale at the interest rate provided for by the land contract. In case the sum is paid to the register of deeds, the sum of $5.00 shall be paid to the register of deeds as a fee for the care and custody of the redemption money.
(3) Upon the payment of sums required under this section, the deed of sale is void. If a distinct lot or parcel separately sold is redeemed, leaving a portion of the premises unredeemed, then the deed of sale is void only as to the portion or portions of the premises which are redeemed. The register of deeds shall not determine the amount necessary for redemption. The purchaser shall attach an affidavit with the deed to be recorded that states the exact amount required to redeem the property, including any daily per diem amounts, and the date by which the property must be redeemed shall be stated in the certificate of sale. The purchaser may include in the affidavit the name of a designee responsible on behalf of the purchaser to assist the person redeeming the property in computing the exact amount required to redeem the property. The designee may charge a fee as stated in the affidavit and may be authorized by the purchaser to receive redemption funds. The purchaser shall accept the amount computed by the designee.
(4) The amount stated in any affidavits recorded under this section shall be the amount necessary to satisfy the requirements for redemption under this section.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981 ;-- Am. 2004, Act 540, Eff. Mar. 30, 2005
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448j - Adding Property Tax and Insurance Premium Payments Made After Foreclosure to Amount Due in Judgment; Determination of Additional Liability; Affidavits; Receipt; Redemption.

125.1448j Adding property tax and insurance premium payments made after foreclosure to amount due in judgment; determination of additional liability; affidavits; receipt; redemption.
Sec. 48j.
The court may make provision in any judgment of foreclosure for the adding to the amount determined in the judgment to be due, any sum or sums paid at any time after the foreclosure and prior to the expiration of the period of redemption, as taxes assessed against the property or the portion of the premium of any insurance policy covering any buildings located on the premises as is required to keep the policy in force until the expiration of the period of redemption or both the taxes assessed the property and the portion of the premium of any insurance policy covering any buildings located on the premises as is required to keep the policy in force until the expiration of the period of redemption, if under the terms of the mortgage it would have been the duty of the defendants determined to be personally liable to have paid the taxes or insurance premium had the mortgage not been foreclosed. In case of any such payment which is made prior to the entry of the order confirming the report of sale by the person making the sale, determination of the additional liability shall be made in the order. In case of any such payment made after the entry of the order, proof of the payment may be made by filing with the register of deeds with whom the deed of sale is deposited, an affidavit of payment by the purchaser or someone in his or her behalf having knowledge of the facts together with a receipt evidencing the payment of the taxes, or, in case of insurance premiums, an affidavit of an agent of the insurance company stating the making of the payment and also what portion of the payment covers the premium for the period prior to the expiration of the period of redemption. Redemption shall not be effected after the determination, or filing of affidavit and receipt, or affidavits, as the case may be, except upon payment of the additional sum or sums. In case the property is not redeemed, the taxes or premiums paid after the confirmation of sale shall not be added to or included in the deficiency judgment.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448k - Personal Liability on Land Contract or for Mortgage Debt; Original Judgment; Deficiency; Delivery of Premises to Purchaser; Order.

125.1448k Personal liability on land contract or for mortgage debt; original judgment; deficiency; delivery of premises to purchaser; order.
Sec. 48k.
In the original judgment in foreclosure cases the court shall determine and adjudge which defendants, if any, are personally liable on the land contract or for the mortgage debt. The judgment shall provide that upon the confirmation of the report of sale that if either the principal, interest, or costs ordered to be paid, is left unpaid after applying the amount received upon the sale of the premises, the clerk of the court shall issue execution for the amount of the deficiency, upon the application of the attorney for the authority without notice to the defendant or his or her attorney. The court may order and compel the delivery of the possession of the premises to the purchaser at the sale.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448l - Forfeiture, Foreclosure, or Specific Performance Proceedings; Minimum Price.

125.1448l Forfeiture, foreclosure, or specific performance proceedings; minimum price.
Sec. 48l.
In any forfeiture, foreclosure, or specific performance case based upon a mortgage on real estate or land contract held by the authority, the court may fix and determine the minimum price at which the real property covered by the mortgage or land contract may be sold at the sale under the forfeiture, foreclosure, or specific performance proceedings.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448m - Land Contract or Mortgage Debt Secured by Evidence of Debt of Person Other Than Vendee or Mortgagor; Party; Court Order.

125.1448m Land contract or mortgage debt secured by evidence of debt of person other than vendee or mortgagor; party; court order.
Sec. 48m.
If the land contract or mortgage debt is secured by the obligation or other evidence of debt of any other person besides the vendee or mortgagor, the authority may make that person a party to the action, and the court may order payment of the balance of the debt remaining unsatisfied, after a sale of the mortgaged premises, against this other person as well as against the vendee or mortgagor, and may enforce this judgment as in other cases.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-2 - Chapter 2 (125.1421...125.1449v) › Section 125.1448n - Sale of Premises; Default Subsequent to Judgment.

125.1448n Sale of premises; default subsequent to judgment.
Sec. 48n.
(1) If the defendant does not bring into the court the amount due, with costs, or if for any other cause a judgment is entered for the authority, and if it appears that the premises can be sold, in parcels, without injury to the interests of the parties, the judgment shall direct as much of the premises subject to the mortgage or land contract held by the authority to be sold as is sufficient to pay the amount then due on the mortgage or land contract, with costs, and the judgment shall remain as security for any subsequent default.
(2) If there is any default subsequent to the judgment, in the payment of any portion or installment of the principal or of any interest due upon the mortgage or land contract held by the authority, the court may, upon the petition of the authority, by a further order founded upon the first judgment, direct a sale to be made of as much of the premises subject to the mortgage or land contract as is sufficient to satisfy the amount due, with costs of the petition and subsequent proceedings on it, and the same proceedings may be had as often as a default happens.
(3) If it appears to the court that the premises subject to the mortgage or land contract held by the authority are so situated that a sale of the whole premises will be most beneficial to the parties, the judgment shall be entered for the sale of the whole premises in the first instance. In this case the proceeds of the sale shall be applied to the interest and each portion or installment of the principal due as well as towards the whole or residue of the sum secured by the mortgage or land contract and not due and payable at the time of the sale. If the residue does not bear interest, the court may direct that the residue be paid with a rebate of the legal interest for the time during which the residue will not be due and payable; or the court may direct that the balance of the proceeds of the sale, after paying the sum due with costs, be put out at interest for the benefit of the authority, to be paid to the authority as the installments or portions of the principal, or the interest become due, and the surplus for the benefit of the defendant or his or her representatives or assigns, to be paid to the defendant or his or her representatives on the order of the court.
History:
Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981