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Snyder signs three bills into law
May 24, 2011
Tuesday, May 24, 2011
Contact: Sara Wurfel
LANSING, Mich. - Gov. Rick Snyder today signed three bills into law.
House Bill 4113, sponsored by state Rep. Nancy Jenkins, modernizes the Occupational Code by eliminating language requiring brokers to display their employees' real estate agent licenses by hanging them on a wall. Since most agents nowadays work in the field, there is no longer a need to display the licenses in the office.
The governor said constantly working to eliminate unnecessary and outdated regulations is an essential part of his plan to reinvent Michigan and create an environment where small businesses can grow and create jobs.
H.B. 4227, sponsored by state Rep. Paul Opsommer, prohibits transfer fees from being attached to the title of a piece of commercial property.
This became an issue recently when real estate investors began using special rider agreements to attach transfer fees requiring a designated beneficiary or trustee receive payment every time a property is sold, up to 99 years into the future. A companion piece of legislation sponsored by state Rep. Bruce Rendon, H.B. 4228, applies to residential property.
Snyder said preventing these hidden fees will protect consumers and prevent added costs when property is resold. Nineteen other states have adopted similar legislation.
H.B. 4113 is now Public Act 33 of 2011. H.B.s 4227 and 4228 are now P.A.s 34 and 35.