MO SB442

Property owners may authorize tax collectors to assign liens for taxes, special assessments, penalties, interest, and costs to third-party assignees in exchange for payment of all amounts due.

Collectors must issue lien assignments upon receipt of written owner authorization, payment of taxes and special assessments due, and proof of assignee registration with the department of insurance, financial institutions and professional registration.

Payment agreements may include interest of up to 16% per annum (or 12% per annum for owners age 65 or older), transaction costs, and collection costs, with assigned liens retaining priority as first liens for general taxes.

Assignees may foreclose on assigned liens in circuit court no more than three years after owner default, but must provide 60 days' notice to mortgage lien holders who may obtain release by paying the amount due.

Property owners may authorize multiple assignments over time but only one lien at a time; assignees must register annually and the department shall promulgate rules setting maximum transaction costs and prescribing authorization and assignment forms.