Senate Bill 517 Summary

• Reduces tax sale redemption period for vacant and abandoned residential property to six months and for nonresidential property to one month, compared to the standard one-year period.

• Provides immunity from civil liability for persons who gratuitously secure, remove trash from, or maintain vacant or abandoned property they do not own, unless gross negligence or willful misconduct is involved.

• Establishes an interim study committee on mortgage foreclosure issues to examine reducing delays in foreclosure proceedings and addressing foreclosures of vacant or abandoned property, with final report due before November 1, 2011.

• Effective July 1, 2011.