SB 422 Summary

• Establishes a homeowner protection unit within the Attorney General's office to enforce mortgage lending laws, investigate violations, and operate a tax sale blight registry, effective July 1, 2015.

• Creates a tax sale blight registry to identify persons prohibited from purchasing properties at tax sales and makes it available to county officials and the public in electronic format.

• Allows county fiscal bodies to adopt ordinances requiring bidders at tax sales to pay paddle fees ($25 for single purchases or $100 for multiple purchases), with proceeds used to defray sale expenses or reduce vacant and abandoned properties.

• Reduces interest rates on redemptions of tax sale properties from 10% to 5% per annum and shortens the notice period for tax deed issuance from 9 months to 6 months.

• Restricts foreign business entities not in good standing in Indiana from purchasing properties at tax sales and allows county treasurers to forfeit ineligible sales if discovered within 6 months of the transaction.