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IN HB1318
Bill
Status
1/12/2016
Primary Sponsor
John Price
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AI Summary
HB 1318 Summary
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Attorney general and homeowner protection unit shall enforce laws governing agreements between property owners divested at tax sales and third parties offering to recover their tax sale surplus fund interests.
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Third parties seeking to transfer or assign a property owner's tax sale surplus fund interest on or after May 1, 2016 must provide a signed written form disclosing the property owner's share value in at least 10-point boldface type.
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Third parties must maintain a $25,000 surety bond issued by an Indiana-authorized company, payable to the state for persons damaged by violations, and file a copy with the attorney general.
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Courts may issue injunctions, order restitution to aggrieved property owners, require violators to reimburse the state for investigation costs, and impose civil penalties for violations.
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Real estate transactions involving legal or equitable interests in tax-sale property or tax sale surplus fund interests are subject to home loan practices act prohibitions.
Legislative Description
Tax sale surplus funds. Provides that the attorney general and the attorney general's homeowner protection unit shall enforce the statute governing an agreement between: (1) a real property owner who is divested of ownership of the property at a tax sale; and (2) a person that, for compensation, offers to assist in the recovery of the property owner's interest in tax sale surplus funds. Authorizes: (1) the attorney general to maintain an action to enforce the provisions; and (2) a court in which an action is brought to order certain remedies and impose a civil penalty for violations. Provides that
Last Action
First reading: referred to Committee on Ways and Means
1/12/2016