New law assists property owners and renters

A new law recently signed by Governor Rick Snyder protects property owners and renters.

House Bill 5892 amends the Rental-Purchase Agreement Act to assist both property owners and those who lease the property. Lessees who are temporarily unable to make payments and surrender the property in a timely fashion now will have 90 days, rather than one month or less, to make the payments required to reinstate a rental-purchase agreement without losing any rights or options.

Property owners can now require that property be returned seven days after a lessee misses a payment, instead of having to wait nearly a month. The law also clarifies what types of fees may be charged in these situations. The bill is Public Act 584 of 2012.