2014 House Bill 5650

Revise delinquent municipal borrower's repayment procedure

Introduced in the House

June 11, 2014

Introduced by Rep. Mike Shirkey (R-65)

To establish that lenders who loan money to a local government, with the loan secured by the borrower's "unlimited tax pledge," have a “statutory first lien" (legal claim) on "all taxes subject to the (municipality's) unlimited tax pledge.” Under the bill, such lenders would not have to go to court to establish their claim.

Referred to the Committee on Financial Liability Reform