Indiana Modifies Provisions Regarding Recording Requirements and Updates UCCC Dollar Amounts
Through House Bill 1320, the state of Indiana modified its provisions relating to recording requirements as they relate to the disposition of tax sale surplus. The provisions are effective on July 1, 2018.
The definition of “substantial property interest of public record” in Section 2. Indiana Code 6-1.1-23.9-3(a), for purposes of the tax sale statutes, has been amended to specify that: the term “means title to or interest in a tract that is within the tract’s chain of record title and:
(1) possessed by a person; and
(2) either:
(A) recorded in the office of a the county recorder for the county in which the tract is located; or
(B) available for public inspection and properly indexed in the office of a the circuit court clerk in the county in which the tract is located; no not later than the hour and date a sale is scheduled to commence under IC 6-1.1-24.”
Furthermore, Section 2. Indiana Code 6-1.1-23.9-3(b) is amended to specify “for purposes of IC 6-1.1-24 and IC 6-1.1-25 only, chain of record title includes instruments executed by the owner and recorded within the five (5) day period before the date the owner acquires title to the tract.”
Other amendments included in House Bill 1320:
- remove the condition that someone who redeems property sold in a tax sale has to pay the same value as the amount deposited in the tax surplus fund at the time of the tax sale; (Section 3. IC 6-1.1-25-2(a))
- continues current law necessitating the redeeming person to pay 5% interest “on the amount by which the purchase price exceeds the minimum bid on the property.” (Section 3. IC 6-1.1-25-2(c))
- requires that a conveyance recorded after June 30, 2007, include a statement with the mailing address for tax statement purposes and the mailing address of the grantee which must be a street address or a rural route address. (Section 4. IC 32-21-2-3(b))
The full text of House Bill 1320 can be found here: https://iga.in.gov/legislative/2018/bills/house/1320#document-e200ec5e
Also in Indiana, the state Department of Financial Institutions published dollar amount changes in its Uniform Consumer Credit Code and changes to the dollar amount for high cost loans. These changes are effective on July 1, 2018. The amended dollar amounts can be found here: http://www.in.gov/legislative/iac/20180321-IR-750180155ERA.xml.pdf
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