Senate Bill 481 Summary

• Judges and clerks of court may order judicial sales of real or personal property using licensed real estate brokers, licensed auctioneers, or online sales methods, with the court order specifying terms including allowable commissions and fees.

• Sales conducted under these alternate methods are exempt from upset bid procedures that normally apply to traditional public auctions.

• Online sales ordered under this authority are not restricted by date and time limitations that apply to traditional in-person auctions (which must occur between 10:00 A.M. and 4:00 P.M.).

• Notice of sale and listing requirements must comply with existing statutes, and the person designated to hold the sale must facilitate the transaction as directed by the court order.

• The act becomes effective January 1, 2020, and applies to all orders entered on or after that date.