The Senate Civil Law Committee heard SB 204 on tax sales and foreclosed property authored by Sen. Merritt. The bill provides that for purposes of the statutes concerning real property sold for delinquent taxes and special assessments, the interest rate to be paid for redeemed property is the adjusted interest rate used for refunds of state income taxes. The bill also provides that the statute concerning foreclosure prevention agreements does not apply to a mortgage servicer subject to certain federal regulations adopted under the federal Real Estate Settlement Procedures Act and that a person who recklessly, knowingly, or intentionally damages or defaces property that is the subject of a mortgage foreclosure proceeding commits foreclosure mischief, a Class A misdemeanor.
The bill was amended by consent to remove the requirement for settlement conferences. The bill was supported by the Indiana Bankers Association, the Indiana Mortgage Bankers Association, the Indiana Credit Union League, and the Indiana Attorney General. The bill was opposed by SRI, the Marion County Treasurer’s Office, the Indiana Treasurer’s Association, and the Association of Indiana Counties. The bill passes as amended, 6-0.
Read the bill at https://iga.in.gov/legislative/2016/bills/senate/204