AR SB450

Allows the Commissioner of State Lands to negotiate post-auction private sales of tax-delinquent property if no one bids at least the amount of delinquent taxes, penalties, interest, and sale costs at public auction.

Requires Attorney General approval for post-auction private sales occurring within two years of the public sale, but exempts sales occurring two or more years after the public sale from approval requirement.

Mandates the Commissioner of State Lands submit quarterly reports to the Legislative Council or Joint Budget Committee listing all tax-delinquent land sold at post-auction private sales.

Reduces escrow holding periods for funds from tax-delinquent property sales: funds placed after July 1, 2018 are held for two years before escheating to the county, down from three or five years depending on placement date.

Requires the Commissioner of State Lands to send redemption notice by regular mail if certified mail notice is returned unclaimed or refused.