HB 958 Summary

• Creates the "Land Bank Act" authorizing counties, municipalities, and joint entities to establish land bank authorities to acquire, manage, and dispose of vacant, abandoned, or tax-foreclosed property to promote economic development.

• Land bank authorities may acquire property by gift, purchase, foreclosure, or transfer; hold property without clear title; and dispose of property to public or private entities, but cannot use eminent domain or assist casino development.

• Establishes expedited confirm and quiet title procedures allowing authorities to record notice, conduct title searches, provide notice to property interest owners, and obtain court judgments vesting absolute fee simple title within 90 days, extinguishing most liens and interests except visible easements and governmental restrictions.

• Allows authorities to borrow money and issue bonds and notes maturing within 30 years, with municipalities or counties able to pledge limited or unlimited tax support; exempts authority property and bonds from taxation.

• Authorities cannot levy taxes, exercise eminent domain, or develop casinos; must adopt ethics codes and conflict-of-interest policies; takes effect July 1, 2023.