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2013 Senate Bill 640: Facilitate "land bank" property acquisitions
Introduced by Sen. Darwin Booher (R) on October 23, 2013 To allow “land bank” authorities to purchase tax-foreclosed the property for the “minimum bid” required (which is the amount back taxes, fees, interest and penalties), unless the state or a local government want to buy it. The bill would also repeal a requirement that local governments must hold two separate tax-foreclosed property auctions instead of just one. Note: According to recent news reports, some local governments have avoided the auction requirement by selling tax-foreclosed property to government "land bank" authorities, which turn around and sell the parcel at a profit.   Official Text and Analysis.
Referred to the Senate Finance Committee on October 23, 2013
Referred to the Senate Banking and Financial Institutions Committee on October 24, 2013
Reported in the Senate on February 25, 2014 With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Passed 37 to 0 in the Senate on December 11, 2014 To allow local governments to hold just one auction on tax-foreclosed property, rather than the two auctions required under current law the state or a local government want to buy it. The bill would also prohibit the sale to a buyer who owes taxes on other properties in the jurisdiction.
Received in the House on December 11, 2014
Referred to the House Detroit's Recovery and Michigan's Future Committee on December 11, 2014

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