Michigan Compiled Laws 258-2003-1 Chapter 1 General Provisions (124.751...124.774)

• Section 124.751 Short Title.
  This act shall be known and may be cited as the “land bank fast track act”. History: 2003, Act 258, Imd. Eff. Jan. 5,...
• Section 124.752 Legislative Findings.
  The legislature finds that there exists in this state a continuing need to strengthen and revitalize the economy of this state and local units...
• Section 124.753 Definitions.
  As used in this act: (a) “Authority” means a land bank fast track authority created under section 15, section 23(4), or section 23(5). (b)...
• Section 124.754 Powers.
  (1) Except as otherwise provided in this act, an authority may do all things necessary or convenient to implement the purposes, objectives, and provisions...
• Section 124.755 Acquisition Of Property; Accepting Deed In Lieu Of Foreclosure Or Sale; Release Of Tax Lien.
  (1) Except as provided in section 4(8), an authority may acquire by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions...
• Section 124.756 Preservation Of Property Value.
  (1) An authority may, without the approval of a local unit of government in which property held by the authority is located, control, hold,...
• Section 124.757 Disposition Of Property By Authority; Inventory And Classification Of Property; Title Status And Suitability For Use; Recording Property Transfer.
  (1) Except as an authority otherwise agrees by intergovernmental agreement or otherwise, on terms and conditions, and in a manner and for an amount...
• Section 124.758 Receipt Of Tax, Penalty, Or Interest Payments; Return To Local Tax Collecting Unit; Retention Of Proceeds.
  (1) Money received by an authority as payment of taxes, penalties, or interest, or from the redemption or sale of property subject to a...
• Section 124.759 Expedited Quiet Title And Foreclosure Action; Procedure.
  (1) An authority may initiate an expedited quiet title and foreclosure action under this section to quiet title to real property held by the...
• Section 124.760 Property As Site Of Environmental Contamination; Information To Be Provided To Department Of Environmental Quality; Property Subject To Certain Conditions; Liability.
  (1) If an authority has reason to believe that property held by the authority may be the site of environmental contamination, the authority shall...
• Section 124.761 Waste Of Or Unlawful Removal Of Property; Restraining Order.
  (1) An authority may institute a civil action to prevent, restrain, or enjoin the waste of or unlawful removal of any property from tax...
• Section 124.762 Authority As Party To Civil Action.
  An authority shall be made a party to any action or proceeding instituted for the purpose of setting aside title to property held by...
• Section 124.763 Property Of Authority As Public Property.
  Property of an authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to...
• Section 124.764 Construction, Intent, And Scope Of Act.
  (1) This act shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the performance of...
• Section 124.765 Land Bank Fast Track Authority; Creation; Powers And Duties; Staffing; Cooperation With State Departments And Agencies.
  (1) The land bank fast track authority is created as a public body corporate and politic within the department. (2) The state authority shall...
• Section 124.766 Board Of Directors; Membership; Appointment; Terms; Oath; Removal; Vacancy; Election Of Chairperson And Vice-chairperson; Designation Of Representative; Discharge Of Duties.
  (1) The purposes, powers, and duties of the state authority are vested in and shall be exercised by a board of directors. The authority...
• Section 124.767 Executive Director; Appointment; Eligibility; Oath; Duties.
  The governor shall appoint a person to serve as the executive director of the state authority. A member of the authority board is not...
• Section 124.768 Land Bank Fast Track Fund; Creation; Receipt Of Money Or Other Assets; Money Remaining In Fund; Expenditures; Disposition Of Proceeds.
  (1) The land bank fast track fund is created under the jurisdiction and control of the state authority and may be administered to secure...
• Section 124.769 Borrowing Money And Issuing Bonds Or Notes.
  (1) The state authority may borrow money and issue bonds or notes for the following purposes: (a) To provide sufficient funds for achieving the...
• Section 124.770 Transfer Of Property From State Administrative Board.
  (1) The state administrative board may transfer to the state authority tax reverted property owned or under control of this state, on terms and...
• Section 124.771 Dissolution Of Authority.
  If the state authority has completed the purposes for which it was organized, the authority board, by vote of at least 5 directors and...
• Section 124.772 Biennial Report.
  The state authority shall report biennially to the legislature on the activities of the state authority. History: 2003, Act 258, Imd. Eff. Jan. 5,...
• Section 124.773 Intergovernmental Agreements.
  (1) An authority may enter into an intergovernmental agreement with the Michigan economic development corporation for the joint exercise of powers and duties under...
• Section 124.774 Authority Created Under Mcl 124.773; Borrowing Money And Issuing Bonds Or Notes.
  (1) By resolution of its board, an authority created under section 23 may borrow money and issue bonds and notes, subject to limitations set...

Last modified: October 10, 2016