TIME TO PRESERVE A TITLE; EXTEND S.B. 721:

SUMMARY OF BILL ON THIRD READING

 

 

 

 

 

 

Senate Bill 721 (as reported by the Committee of the Whole)

Sponsor: Senator Jeremy Moss

Committee: Local Government

 


CONTENT

 

The bill would amend Public Act (PA) 200 of 1945, which defines a marketable record title to an interest in land, to extend, from March 29, 2024, to September 29, 2025, the date by which an interest, claim, or charge in a marketable title may be preserved and kept effective by filing a notice.

 

MCL 565.101 & 565.103

 

BRIEF RATIONALE

 

The bill would extend the sunset for preserving existing mineral or other interests in a marketable record title. According to testimony, stakeholders have tried to extend the sunset since 2020 while they work on changes to PA 200. Without first extending the sunset of March 29, 2024, the date may pass and real property interests including easements, restrictions, and agreements to maintain roads or storm drains may be lost. Accordingly, it has been suggested that the sunset be extended to allow more time for stakeholders to modify the Act.

 

Legislative Analyst: Alex Krabill

 

FISCAL IMPACT

 

The bill would have no fiscal impact on the State and a negligible impact on local units of government.

 

Date Completed: 2-29-24 Fiscal Analyst: Bobby Canell

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.