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House Bill 1005


House Bill 1005

ARCHIVE (2004)

Latest Information

 

DIGEST OF HB 1005 (Updated March 4, 2004 8:44 pm - DI 52)


State and local administration. With respect to a residential real property financing or refinancing, requires a closing agent to provide to each customer information on property tax deductions and the homestead credit on a form prescribed by the department of local government finance. Imposes a penalty on a closing agent that does not comply. Provides that a closing agent is not liable for any other damages claimed by a customer because of the closing agent's failure to provide the appropriate document to the customer. Provides for additional information about property taxes to be provided with the property tax statement of current and delinquent taxes and special assessments in a pilot program in certain counties in 2005, 2006, and 2007 and statewide after 2007. Permits a county to voluntarily provide the additional information about property taxes with property tax statements in 2004. Provides for state reimbursement of expenditures made by a county to provide the additional information, not to exceed a statewide total of $50,000. Establishes the property tax replacement study commission. Establishes the local government efficiency and financing study commission. Provides that an out-of-state commercial broker or salesperson licensed in another state may practice in Indiana without an Indiana license if the out-of-state commercial broker or salesperson meets certain requirements. Provides that a licensed nonresident broker may act as a broker in Indiana if the broker meets certain requirements. Provides that the telephone numbers of a buyer and seller on a sales disclosure form filed with the county auditor are confidential. Specifies a title insurance qualification for insurance producers. Establishes: (1) an exemption from insurance producer licensure for certain individuals; and (2) requirements for: (a) prelicensing courses for title insurance producers; and (b) continuing education for limited lines producers who have a title insurance qualification. Adds a member to the insurance producer education and continuing education advisory council. Authorizes certain counties and municipalities to provide property tax abatements for logistical distribution equipment and information technology equipment installed after June 30, 2004, and before January 1, 2006. Allows certain cities to adopt a resolution to establish a professional sports and convention development area before January 1, 2005. Allows Gary, Indiana to designate more than one facility as part of a professional sports and convention development area. Changes the population parameters for first and second class cities so that reorganization does not change a city's classification.
Current Status:
 Law Enacted
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