Amended Substitute House Bill 480 - Summary

• Establishes procedures for private selling officers to conduct judicial and execution sales of real estate as an alternative to county sheriffs, with courts authorizing specified private officers to conduct public auctions.

• Creates requirements for multi-parcel auctions, which allow multiple parcels or lots to be offered in various combinations including individual parcels, combinations, and all parcels as a whole, with mandatory disclosure in advertisements.

• Sets residential property deposit requirements based on appraised value: $2,000 for properties valued at $10,000 or less, $5,000 for properties valued between $10,000-$200,000, and $10,000 for properties exceeding $200,000.

• Provides for a second residential property auction without minimum bid requirements if property remains unsold after the first auction, held between 7 and 30 days after the first auction.

• Limits private selling officer fees and costs to 1.5% of the sale price as taxable court costs, with any excess paid by the buyer, judgment creditor, or from the creditor's proceeds; requires online auctions to remain open for a minimum of seven calendar days.