Introduced by Sen. Darwin Booher (R) on October 23, 2013, to allow “land bank” authorities to purchase tax-foreclosed the property for the “minimum bid” required (which is the amount back taxes, fees, interest and penalties), unless the state or a local government want to buy it. The bill would also repeal a requirement that local governments must hold two separate tax-foreclosed property auctions instead of just one. Note: According to recent news reports, some local governments have avoided the auction requirement by selling tax-foreclosed property to government "land bank" authorities, which turn around and sell the parcel at a profit.
Referred to the Senate Finance Committee on October 23, 2013.
Referred to the Senate Banking and Financial Institutions Committee on October 24, 2013.
Reported in the Senate on February 25, 2014, with the recommendation that the substitute (S-2) be adopted and that the bill then pass.