SB 903 - This act authorizes owners of property certain political subdivisions to have property tax liens on their property assigned to third parties. The political subdivisions authorized to assign liens are St. Louis County, Jackson County, Jefferson County, Clay County and the City of St. Louis. Liens assigned under this act maintain their priority as tax liens. For a lien to be assigned, the county collector must receive written authorization from the property owner, payment of the taxes and special assessments due on the property, a fee up to $25, and proof of assignee's registration with the Department of Insurance, Financial Institutions and Professional Registration. The owner and assignee may enter into a payment agreement for payment of the amount paid by the assignee, interest of up to 16% per year, and reasonable transaction costs. Once a lien is assigned, the assignee must record the assignment with the county recorder. The assignee must file a release of the lien within 20 business days of full payment by the owner. Failure to file such release within 45 days may subject the assignee to a penalty of $350 per day after 45 days or 10% of the original assignment amount. An assignee may further assign the lien and any future assignee must record the assignment. If the owner defaults on payments under an assigned lien, the assignee may foreclose on the lien. The foreclosure action may not be commenced earlier than one year after assignment and no later than three years after default. The assignee must notify the holder of any mortgage lien on the property at least 60 days before commencing a foreclosure action and give them the option of paying off the assigned lien and receiving a release. If the property is foreclosed on and the proceeds are in excess of the assigned lien amount, the excess will be distributed to other lien holders in order of priority, with any remainder being returned to the owner. A property owner may not enter into more than one assignment agreement at a time. This act expires on September 1, 2021. This act is substantially similar to HB 1658 (2014) and is similar in concept to HB 734 (2013) and SB 442 (2013). MIKE HAMMANN