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AR HB1224
Bill
Status
3/2/2023
Primary Sponsor
Mary Bentley
Click for details
AI Summary
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Authorizes the Commissioner of State Lands to cancel redemption deeds or sale deeds issued for tax-delinquent property if the payment instrument is dishonored due to insufficient funds, stopped payment, or other reasons.
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Defines "payment instrument" to include checks, drafts, debit card orders, electronic funds transfers, and other forms authorized by the Commissioner of State Lands.
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Requires the Commissioner to file cancellation deeds in the county where the property is located and pay filing expenses from the office maintenance fund.
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Imposes a penalty against the maker or drawer of a dishonored payment instrument equal to the greater of 10% of the instrument's face value or $20.00.
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Amends Arkansas Code Title 26, Chapter 37, Subchapter 3 by adding section 26-37-317; approved March 2, 2023.
Legislative Description
To Allow A Redemption Deed Or Sale Deed To Be Canceled And A Penalty Imposed If The Payment Instrument Used To Redeem Or Purchase Tax-delinquent Property Fails Or Is Dishonored.
Last Action
Notification that HB1224 is now Act 173
3/2/2023