HB5747 Summary

• Amends Property Tax Code Section 21-205 to require county collectors in counties with 275,000 or more inhabitants to adopt a single bidder rule prohibiting a tax purchaser from registering more than one related bidding entity at tax sales.

• Defines "related bidding entity" to include entities sharing ownership interests, common financing guarantors, or sharing information, office space, or bidding strategy related to parcels offered at the tax sale with other registered participants.

• Allows corporate authorities in counties with fewer than 275,000 inhabitants to adopt the single bidder rule by ordinance.

• Permits county treasurers to require registered participants to submit representation and warranty forms attesting to compliance with the single bidder rule, unless the county opts out by ordinance.

• Allows registered participants who incur damages from violations of the single bidder rule to sue in circuit court and recover treble damages plus reasonable attorney's fees, with actions required to be filed within 2 years of discovering the violation.