New Michigan Rent Law Improves Relationships Between Borrowers and Lenders

By Scott Lesser and Ronald Spinner (August 18, 2022 at 5:24 PM EDT) — On June 24, Michigan enacted the Michigan Rent Uniform Act.[1] Effective September 22, the law will change the relationship between borrowers and lenders for the better, bringing more certainty and clarity to lending relationships.

While the passage of this law was heavily contingent on recent bankruptcy court rulings, it also resolves many legal and practical issues under Michigan law. This article discusses some of the changes brought about by this law and how they affect lenders, borrowers, and tenants.[2]

Michigan Rent Law Allocation, Before and After the Law

Rent transfer is a provision…

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