Enrolled Senate Bill (S)

DIGEST

Land banks. Authorizes a county, consolidated city, or second class city to which the unsafe building law applies to establish a municipal corporation known as a land bank to manage and improve the marketability of distressed real property in the county or city that establishes the land bank. Requires a land bank's bylaws to require the land bank board (board) to approve any conveyance of real property in an open meeting and consider any pertinent information regarding the property's value or the financial ability of a person before approving a conveyance. Allows the land bank to enter into an agreement Land banks. Authorizes a county, consolidated city, or second class city to which the unsafe building law applies to establish a municipal corporation known as a land bank to manage and improve the marketability of distressed real property in the county or city that establishes the land bank. Requires a land bank's bylaws to require the land bank board (board) to approve any conveyance of real property in an open meeting and consider any pertinent information regarding the property's value or the financial ability of a person before approving a conveyance. Allows the land bank to enter into an agreement that conditions the purchase, transfer, or lease of property upon the person fulfilling conditions related to the mission of the land bank. Provides that the material failure of a person to fulfill the agreement may void the purchase, transfer, or lease, unless the land bank grants the person additional time to comply with the agreement. Specifies that the procedures for disposal of real or personal property by a local government do not apply to the land bank. ... View more