MO SB903

Allows property owners in certain Missouri counties without mortgage escrow accounts to authorize assignment of property tax liens to third parties in exchange for payment of all outstanding taxes, assessments, penalties, interest, and costs.

Assignees must register annually with the Department of Insurance, Financial Institutions and Professional Registration and pay a processing fee of up to $25 to the county collector.

Payment agreements may include interest of up to 16 percent per annum (12 percent for owners age 65 and older), reasonable transaction costs and fees, and enforcement costs.

Assignees must record the tax lien assignment with the county recorder and cannot foreclose on the lien earlier than one year after assignment or more than three years after default; mortgage lien holders have 60 days notice before foreclosure and may redeem the lien.

Provision expires September 1, 2021, and applies only to cities not within a county and charter counties with specific population thresholds (over 950,000; 600,000-700,000; 200,000-350,000) and first-class counties with 200,000-260,000 inhabitants.