SB 442
Allows a property owner to authorize a collector to assign a property tax lien to a third party
LR Number:
Last Action:
4/3/2013 - Hearing Conducted S Jobs, Economic Development and Local Government Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2013

Current Bill Summary

SB 442 - This act allows a property owner to authorize a collector to assign a lien for taxes, special assessments, penalties, interest, and costs on the owner's real property to a third party (the assignee) who will pay the amount due to the collector. The collector shall issue the assignment of the lien on the real property to the assignee upon the receipt of the owner's written authorization, payment, and proof that the assignee has registered with the Department of Insurance, Financial Institutions and Professional Registration. A property owner may not assign more than one lien at a time under this act.

The property owner and the assignee may enter into a payment agreement for the amount secured by the tax lien, but the assignee may charge no more than 16% interest per annum or no more than 12% interest per annum for an owner who is sixty-five years old or older.

If the owner defaults on payments under the payment agreement then the assignee may commence a foreclosure action when certain notice requirements are met.

This act is identical to HB 734 (2013).