SELLER DISCLOSURE STATEMENT - H.B. 5014 (S-1): FLOOR ANALYSIS
House Bill 5014 (Substitute S-1 as reported)
Sponsor: Representative Mary Ann Middaugh
House Committee: Regulatory Reform
Senate Committee: Economic Development, International Trade and Regulatory Affairs
CONTENT
The bill would amend the Seller Disclosure Act to require that a seller's disclosure statement contain specific language concerning property taxation; require a statement to include information about outstanding assessments, pending litigation, flood insurance, and mineral rights; and revise the information that must be in a statement regarding appliances. The bill also would require that a seller's disclosure statement advise buyers that certain information compiled pursuant to the Sex Offenders Registration Act is available to the public, and that buyers seeking this information should contact the appropriate local law enforcement agency or sheriff's department directly.
The bill provides that a disclosure statement printed before the bill's effective date that complied with the Act could be used and would be considered in compliance until 90 days after the bill's effective date.
(Under the Act, a person who transfers residential real property is required to give a seller's disclosure statement to the person's agent, the prospective transferee, or the transferee's agent. The statement is a disclosure of the condition of the property and information about it known to the seller.)
MCL 565.957 - Legislative Analyst: L. Arasim
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 2-15-00 - Fiscal Analyst: R. Rossfloor\hb5014 - Analysis available @ http://www.michiganlegislature.org
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.