MO HB1658

Property owners without existing escrow accounts may authorize assignment of their property tax liens to third-party assignees in exchange for payment of all taxes, assessments, penalties, interest, and costs.

Applies only to cities not within counties, charter counties with more than 950,000 inhabitants, charter counties with 600,000-700,000 inhabitants, charter counties with 200,000-350,000 inhabitants, and first-class counties with 200,000-260,000 inhabitants.

Assignees may charge interest of up to 16% per annum on assigned amounts and reasonable transaction fees, reduced to 12% per annum for property owners age 65 or older.

Assignees must register annually with the Department of Insurance, Financial Institutions and Professional Registration and may foreclose on the lien if the owner defaults, with restrictions preventing foreclosure before one year or after three years from the default.

The provision expires on September 1, 2021, and the Department must promulgate rules setting maximum transaction costs and establishing required forms and content for authorizations and receipts.