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IN SB0152
Bill
AI Summary
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Effective July 1, 2017, repeals the tax sale blight registry and transfers its operation responsibility to the homeowner protection unit under the attorney general.
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Authorizes redevelopment commissions to purchase blighted, unsafe, abandoned, foreclosed, or structurally damaged property from willing sellers without appraisals if the sale price does not exceed $25,000 or the property is sold by another governmental agency.
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Requires two independent appraisals for redevelopment property purchases exceeding $25,000, with purchases above the higher appraisal value, terms exceeding three years, or prices exceeding $5 million subject to legislative body approval.
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Modifies the homeowner protection unit account to include fees distributed under IC 33-34-8-3, IC 33-37-7-2(a), and IC 33-37-7-8(a), with account expenses paid from the account rather than reverting to the general fund.
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Maintains the homeowner protection unit's authority to investigate mortgage lending deception, violations of consumer protection laws, and federal lending law violations, with ability to refer violations to appropriate federal agencies.
Legislative Description
Local redevelopment. Provides that a redevelopment commission may purchase property that is for sale at an auction or that has a purchase price of not more than $25,000 without first obtaining two independent appraisals. Provides that a redevelopment commission may purchase property that is blighted, unsafe, abandoned, foreclosed, or structurally damaged. Repeals the tax sale blight registry, and makes conforming amendments. Amends the homeowner protection unit account statute to recognize that certain court fees are deposited under current law in that account.
Last Action
Public Law 52
4/13/2017