New law assists property owners, renters

LANSING, MI – January 04, 2012 – (RealEstateRama) — A new law recently signed by Gov. Rick Snyder protects property owners and renters. House Bill 5892, sponsored by state Rep. Wayne Schmidt, amends the Rental-Purchase Agreement Act to assist both lessors and lessees of 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