HB 103 Summary

• Requires vendors to pay off all liens on property and obtain building code compliance inspection before executing land installment contracts, with copies of inspection certificates provided to vendees.

• Mandates vendors obtain and pay for independent property appraisals by licensed appraisers, with appraisal reports provided to vendees prior to contract execution.

• Caps interest rates on land installment contracts at two percent above the treasury bill rate for loans of the same maturity on the contract date.

• Establishes vendor obligations for property maintenance, building code compliance during contract term, and prohibits placing mortgages on the property without vendee consent.

• Provides vendees with causes of action against non-compliant vendors, including court awards of money damages (two percent of principal debt, equity in property, or return of moneys paid), court costs, and attorney fees.