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)
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.
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.