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AR HB1273
Bill
Status
2/11/2025
Primary Sponsor
Les Warren
Click for details
AI Summary
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Amends Arkansas Code § 26-18-701(a)(3)(B) to modify the priority status of state tax liens created by certificates of indebtedness issued by the Secretary of the Department of Finance and Administration
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Creates an exception so that state tax liens are no longer superior to purchase money mortgages (loans used to finance the purchase of property)
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State tax liens remain superior to all other liens attaching after the certificate of indebtedness is entered on the judgment docket, as well as all claims of unsecured creditors
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Protects home buyers and lenders by ensuring purchase money mortgages take priority over pre-existing state tax debts of the property seller
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Approved on February 11, 2025
Legislative Description
To Provide That A Lien Created By The Entry Of Certificate Of Indebtedness Issued By The Secretary Of The Department Of Finance And Administration Is Not Superior To A Purchase Money Mortgage.
Last Action
Notification that HB1273 is now Act 29
2/11/2025