IN SB0553

Establishes a notice-based civil forfeiture process where prosecuting attorneys must notify property owners of intent to seize within 45 days, and property is automatically forfeited if owners fail to object within 30 days or provide a 10% bond of the property's fair market value

Distributes forfeiture proceeds with 22% to the prosecuting attorney, 3% to the clerk of courts, and 75% to the law enforcement agency that seized the property

Prohibits prosecuting attorneys from retaining private attorneys to bring forfeiture actions

Restricts "adoptive forfeiture" (transferring seized property to federal courts for forfeiture proceedings) to only cases where federal law requires it

Removes provisions allowing law enforcement agencies to use seized vehicles for up to 3 years before sale, requiring immediate delivery to the county sheriff for public sale