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

House Bill 5892 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 will now have 90 days, tather than one month or less, to make the payments required to reinstate a rental-purchase agreement without losing any rights or options.

Lessors will now be able to 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.

A second bill has also been signed by the governor. Senate Bill 264 amends the Use Tax Act and the General Sales Tax Act to revise the calculation of the monthly payment required of taxpayers that are subject to an accelerated payment schedule, beginning Jan. 1, 2014.

For more detailed information on the legislation, visit: www.legislature.mi.gov.