Michigan Laws 211.78n – Land reutilization fund
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Terms Used In Michigan Laws 211.78n
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The land reutilization fund is created within the department of treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the fund, including a transfer of funds from the delinquent property tax administration fund as provided in subsection (5). The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) Money in the fund at the close of the fiscal year must remain in the fund and must not lapse to the general fund.
(4) Subject to subsection (6), the department of treasury may expend money from the fund for 1 or more of the following purposes:
(a) Contracts with title insurance companies under section 78i.
(b) Costs of determining addresses, service of notices, and recording fees incurred under section 78i.
(c) Defense of title actions as determined by the state treasurer.
(d) Other costs incurred in administering the foreclosure and disposition of property forfeited for delinquent taxes under this act.
(5) The state treasurer may transfer to the fund any balance remaining in the delinquent property tax administration fund of this state created in section 59.
(6) For the fiscal year ending September 30, 2020 only, $9,150,000.00 of the money in the fund is transferred to and must be deposited into the general fund.
(7) As used in this section, “fund” means the land reutilization fund created in this section.