HB54 Summary

• Requires the State Revenue Commissioner to convene the first meeting of the Alabama Land Bank Authority Board by October 1, 2018, enabling the Authority to begin operations.

• Authorizes the Land Bank Authority to acquire the state's interest in real property sold for delinquent taxes that have been held in state inventory for at least five years.

• Requires the Land Bank Authority to provide notice of its intent to dispose of property, with a 30-day objection period before the Authority may proceed without public auction.

• Establishes that proceeds from property sales shall be distributed equally three ways: one-third to Authority operations, one-third to recovery of expenses, and one-third to ad valorem tax recipients or the State Comptroller depending on the type of delinquent tax.

• Creates a quiet title action procedure allowing the Authority to extinguish competing property interests and vest clear title, with protections for utility company rights and provisions for guardians ad litem for unknown or incompetent parties.