AL SB373

Amends Section 40-10-134 of the Code of Alabama 1975 regarding the sale of tax-foreclosed lands held by the State of Alabama.

Requires the Land Commissioner to contract with a nationally recognized auction company to conduct public auctions of state-owned lands that have not been redeemed within five years of the tax sale.

Mandates the first auction by July 31, 2016, and every fifth year thereafter for unredeemed tax-foreclosed properties.

Specifies that auction company fees must be structured as a contingency fee with all expenses borne by the auction company rather than the state.

Becomes effective on the first day of the third month following passage and gubernatorial approval.