Introduced House Bill (H)

Authored by

DIGEST

Tax sale surplus funds. Provides that the attorney general and the attorney general's homeowner protection unit shall enforce the statute governing an agreement between: (1) a real property owner who is divested of ownership of the property at a tax sale; and (2) a person that, for compensation, offers to assist in the recovery of the property owner's interest in tax sale surplus funds. Authorizes: (1) the attorney general to maintain an action to enforce the provisions; and (2) a court in which an action is brought to order certain remedies and impose a civil penalty for violations. Provides that Tax sale surplus funds. Provides that the attorney general and the attorney general's homeowner protection unit shall enforce the statute governing an agreement between: (1) a real property owner who is divested of ownership of the property at a tax sale; and (2) a person that, for compensation, offers to assist in the recovery of the property owner's interest in tax sale surplus funds. Authorizes: (1) the attorney general to maintain an action to enforce the provisions; and (2) a court in which an action is brought to order certain remedies and impose a civil penalty for violations. Provides that a real estate transaction involving the sale, transfer, or assignment of any: (1) legal or equitable interest in real property sold at a tax sale; or (2) interest in a tax sale surplus fund; is subject to certain prohibitions set forth in the home loan practices act. Provides that, after May 1, 2016, if a third party seeks to enter into a such a real estate transaction with a property owner before the disbursement of tax sale surplus funds, the third party shall do the following: (1) Provide the property owner with a written form that must be signed and attested to by both parties and set forth certain information, including the value, at the time the agreement is entered into, of the property owner's share of the amount deposited in the tax sale surplus fund but not yet disbursed. (2) Maintain a $25,000 surety bond payable to the state for the benefit of a person damaged by a violation of these provisions. (3) File a copy of the surety bond with the attorney general. ... View more