COMMITTEE ON WAYS AND MEANS
HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B. 2519
(Reference to printed bill)
Page 1, strike line 5, insert:
"A. a property owner is entitled to authorize the assignment of a lien against"
Line 9, strike "the third party" insert "an assignee"
Strike lines 12 through 14.
Reletter to conform
Lines 15 and 16, strike "third party" insert "assignee"
Line 17, after the second period insert "the treasurer shall note the lien assignment in the record of the tax lien sales maintained under section 42‑18117."
Line 18, strike "third party" insert "assignee"
Line 22, after "42‑18053" strike remainder of line insert "on the total of those amounts and"
Line 24, strike "be filed" insert "include the legal description of the property and when recorded"
Line 25, strike "and are" insert "shall constitute"
After line 28 insert:
"F. if a foreclosure sale of the property results in proceeds in excess of the amounts owing to the assignee under the agreement between the property owner and the assignee, the assignee shall deposit those excess funds into the registry of the court within thirty days of the sale. The assignee shall send notice to all parties who were party to the foreclosure action, advising them of the deposit and their right to claim the proceeds. Any such party may petition the court for distribution of the funds. The funds shall be distributed to each party that proves itself entitled to the proceeds, in order of priority. Any remaining proceeds shall be paid to the former owner. The assignee shall not be entitled to payment of any amounts in excess of amounts due under the payment arrangement described in subsection D of this section.
G. At any time after initiation of a foreclosure action by an assignee under subsection E of this section, a person holding any other lien on the property shall be entitled to an assignment of the interests of the assignee in accordance with section 33‑723 by paying the assignee the amount then due under the payment agreement described in subsection D of this section, with interest and costs, together with the amount of any other superior liens of the assignee. The assignee may then continue the action in the assignee's name.
H. A property owner is entitled to authorize the assignment of the tax lien only prior to a sale of the lien as provided by sections 42‑18114 or 42‑18122, and may not authorize such an assignment as long as a lien on the property for any of the prior three tax years that was sold remains unredeemed.
I. if, after the date the property owner and assignee first enter into an agreement pursuant to this section, additional taxes levied against the real property become delinquent, the county treasurer shall, upon the assignee's payment of the tax, TRANSFER the additional lien to the assignee if the payment agreement between the owner and assignee authorizes such payment. If the assignee fails to pay taxes subsequently levied against the property pursuant to this section and the PAYMENT AGREEMENT, the priority of the original tax lien assigned UNDER this section shall be subordinate to any lien subsequently sold as provided by sections 42‑18114 or 42‑18122. Otherwise, the lien shall retain the priority as provided in section 42‑17153.
J. The changes in statute made by this section apply to any tax lien arising on or after the effective date of the act."
Amend title to conform