14 HќќѠіђџȱ юћјђџ ѝџіљȱ2014 What the bill does: The bill re- ȱȱĴ¢ȱȱȱ- lish and maintain a tax sale blight registry of all persons ineligible to participate in the tax sale. It provides ȱȱęȱȱȱ or abandoned may be sold outright at the tax sale. It reduces the interest rate for payments in excess of a minimum bid from 10 percent to 5 percent. It lowers the interest rate for refunds on certain tax sales from 6 percent to 5 percent. The bill provides that the notice to a record owner of property must occur six months, instead of nine months, after the date of the tax sale. It requires the executive of a county, city or town ȱȱȱȱȱȱȱȱ real property is vacant or abandoned ȱȱęȱȱȱȱ to the county auditor for tax sales purposes. It reduces the period from six to three months when a tax sale purchaser may petition the court ȱȱȱȱȱ¢ȱ auditor to issue a tax deed if the real property is not redeemed from the ǯȱ ȱȱęȱȱȱ¢ȱ tax penalty for property sold by a ¢ȱ¡ȱȱȱęȱ of sale procedure is to be removed from the tax duplicate if the penalty is associated with a delinquency that was not due until after the date of the original tax sale, but is due before ȱȱȱȱęȱȱȱ by the county executive. The bill requires, for tax deeds executed for real property sold at a tax sale, that the county auditor submit the tax deed directly to the county recorder for recording and charge the tax sale purchaser the appropriate recording fee. It also permits the county auditor to be the only signer of a sales disclo- ȱǯȱ ȱȱȱȱȃȄȱ in determining whether a building is an unsafe building. The bill requires a business entity that seeks to register ȱȱȱȱ¡ȱȱȱȱȱęcate from the secretary of state to the county treasurer. It prohibits foreign business associations that have not registered with the secretary of state from participating in the tax sale. The bill requires persons who purchase ȱ¢ȱȱęȱȱȱ¡ȱȱ to reimburse the county for the costs of a title search. The bill permits a county to establish a paddle fee for ȱ ȱĴȱȱ¡ȱǯȱ ȱ- ȱȱěȱȱ¢ȱȱ ȱ of a foreclosed property being sold at auction if the sale is canceled. What you need to know: SB 422, ȱ¢ȱȱ ǰȱȱęcant changes to the tax sale process on abandoned homes. The lender/lien holder will now receive notice of tax sale six months before the tax sale is ǯȱ ¢ȱȱȱȱęȱ- tween six and 12 months after the tax sale by the investor who purchased ȱęȱȱȱ¢ȱȱȱ sale. SB 422 is intended to reduce the amount of out-of-state investors who ȱȱȱęȱȱ allows them to fall into disrepair. The goal is to sell the properties to investors who want the home. The bill also allows government the authority to show the home to interested parties before the tax sale. HB 1058 – Electronic Delivery and Posting of Insurance Documents – ǯȱ ¢ȱ ¢ęǰȱ Ȭȱ ǰȱ and Sen. Greg Walker, R-Columbus What the bill does: It provides for the electronic delivery of insurance notices and documents, instead of other modes of delivery otherwise required for such notices and ǯȱ ȱȱȱȂȱ consent to electronic delivery and a method to withdraw consent. It also allows electronic posting of property and casualty insurance documents under certain conditions. What you need to know: With the Ȃȱǰȱȱ- ments may be delivered electronically instead of by mail. The bill also allows for electronic postings of property and casualty documents under ȱǯȱ ȱěȱȱ ȱ ¢ȱŗǯ HB 1224 – Title Insurance – Rep. Dale DeVon, R-Granger, and Sen. Travis Holdman, R-Markle What the bill does: This bill requires the Department of Insurance (DOI) to create a title insurance consumer comparison tool. It states ȱȱęȱȱȱȱȱ that issue title insurance policies in Indiana will be included on the tool, and that the information on the tool shall be designed to allow an average consumer of ordinary intelligence to ȱȱěȱ ȱ substantially similar title insurance ȱěȱ¢ȱȱǯȱ ȱ ęȱȱȱȱȱȱȱ available to the public free of charge ȱȱ Ȃȱ ȱ¢ȱ ǯȱŗȱȱ that, after that date, when an insurer ȱȱ ǰȱȱęǰȱȱ ȱȱȱȱȂȱȱ available on the tool not more than ŗŖȱȱ¢ȱȱȱȂȱ ȱȱȱȃęȄȱ¢ȱȱ DOI. The bill also limits the amount that may be charged to each party ȱȱęȱȱȱȱ ȱĴȱȱȱȱȱ transaction to the lesser of: the actual cost associated with issuing a closing ȱĴǰȱȱǞŘśȱȱȱȱ ȱĴȱȱȱȱȱȱ a single property. What you need to know: The IBA, the Indiana Association of REALTORS® and the Indiana Builders Association had been working together on this bill since late summer. It is in response to concerns raised regarding an increase in title insurance rates since the passage of SEA 370 from last session. The purpose of HB 1224 is to provide for greater transparency of title insurance rates across the state for consumers through the publishing of rates on the website of the Department of Insurance. The bill was amended to remove the closing ȱĴȱǞŘśȱǯ ȱŗŘřśȱȮȱ ȱ ȱ ĝȱ – Rep. Gail Riecken, D-Evansville, and Sen. Travis Holdman, R-Markle What the bill does: ȱȱęȱ ȱȃȱ¢ȱęȱ institution” as a credit union that is organized or reorganized under Indiana law. It allows an eligible de- &RQWLQXHG RQ SDJH Continued from page 13.
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