IN HB1495 | 2019 | Regular Session

Status

Spectrum: Bipartisan Bill
Status: Enrolled on April 17 2019 - 75% progression
Action: 2019-04-24 - Rules Suspended. Conference Committee Report 1: rejected by the Senate; Roll Call 624: yeas 19, nays 30
Text: Latest bill text (Amended) [PDF]

Summary

Principal dwelling land contracts. Defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to two families; and (2) that is or will be occupied by the buyer as the buyer's principal dwelling. Provides that the seller under a contract must provide the buyer with certain disclosures at least 10 days before the contract is executed. Sets forth disclosures that must be included in a contract. Requires all preexisting liens on the property to be satisfied by the seller by the end of the contract term. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Prohibits prepayment penalties or additional charges for an early payoff. Provides a three-day cancellation period for both the buyer and seller. Allows the seller and the buyer to transfer their respective interests in the contract to other parties, subject to certain conditions. Requires the seller to provide the buyer with an annual statement of account. Sets forth certain rights and responsibilities of the parties upon default by either the buyer or the seller. Sets forth acts and omissions constituting violations and establishes remedies for these violations. Provides that a violation of these provisions constitutes an incurable deceptive act that is actionable by the attorney general under the deceptive consumer sales act. Authorizes the attorney general, in consultation with the department of financial institutions, to adopt rules to implement these provisions. Provides that a buyer who has completed the buyer's obligations under the contract is entitled to the homestead deduction regardless of whether the seller has conveyed title. Requires that a title search be conducted, and that a statement regarding title insurance be provided by the seller to the buyer. Requires that the executed principal dwelling land contract or a memorandum of land contract be notarized. Provides that, if the buyer defaults, then the seller and buyer may execute a notarized release of land contract quitclaim deed, and both shall be recorded by the seller within 30 days of execution.

Tracking Information

Register now for our free OneVote public service or GAITS Professional trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

Principal dwelling land contracts. Defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to two families; and (2) that is or will be occupied by the buyer as the buyer's principal dwelling. Provides that the seller under a contract must provide the buyer with certain disclosures at least 10 days before the contract is executed. Sets forth disclosures that must be included in a contract. Requires all preexisting liens on the property to be satisfied by the seller by the end of the contract term. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Prohibits prepayment penalties or additional charges for an early payoff. Provides a three-day cancellation period for both the buyer and seller. Allows the seller and the buyer to transfer their respective interests in the contract to other parties, subject to certain conditions. Requires the seller to provide the buyer with an annual statement of account. Sets forth certain rights and responsibilities of the parties upon default by either the buyer or the seller. Sets forth acts and omissions constituting violations and establishes remedies for these violations. Provides that a violation of these provisions constitutes an incurable deceptive act that is actionable by the attorney general under the deceptive consumer sales act. Authorizes the attorney general, in consultation with the department of financial institutions, to adopt rules to implement these provisions. Provides that a buyer who has completed the buyer's obligations under the contract is entitled to the homestead deduction regardless of whether the seller has conveyed title. Requires that a title search be conducted, and that a statement regarding title insurance be provided by the seller to the buyer. Requires that the executed principal dwelling land contract or a memorandum of land contract be notarized. Provides that, if the buyer defaults, then the seller and buyer may execute a notarized release of land contract quitclaim deed, and both shall be recorded by the seller within 30 days of execution.

Sponsors


Roll Calls

2019-04-24 - Senate - Senate - Rules Suspended. Conference Committee Report 1 (Y: 19 N: 30 NV: 0 Abs: 1) [FAIL]
2019-04-24 - House - House - Rules Suspended. Conference Committee Report 1 (Y: 60 N: 30 NV: 1 Abs: 9) [PASS]
2019-04-16 - Senate - Senate - Third reading (Y: 26 N: 22 NV: 1 Abs: 1) [PASS]
2019-04-03 - Senate - Senate - Committee Vote (Y: 6 N: 4 NV: 0 Abs: 0) [PASS]
2019-02-25 - House - Third reading (Y: 82 N: 14 NV: 1 Abs: 3) [PASS]
2019-02-19 - House - House - Committee Vote (Y: 8 N: 0 NV: 0 Abs: 5) [PASS]

History

DateChamberAction
2019-04-24SenateRules Suspended. Conference Committee Report 1: rejected by the Senate; Roll Call 624: yeas 19, nays 30
2019-04-24HouseRules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 621: yeas 60, nays 30
2019-04-24SenateCCR # 1 filed in the Senate
2019-04-24HouseCCR # 1 filed in the House
2019-04-18SenateSenate advisors appointed: Rogers and Breaux
2019-04-18SenateSenate conferees appointed: Bohacek and Lanane
2019-04-18HouseHouse advisors appointed: Burton, Stutzman, Fleming and Hamilton
2019-04-18HouseHouse conferees appointed: Clere and Summers
2019-04-17HouseHouse dissented from Senate amendments
2019-04-17HouseMotion to dissent filed
2019-04-17SenateReturned to the House with amendments
2019-04-16SenateThird reading: passed; Roll Call 494: yeas 26, nays 22
2019-04-09SenateSecond reading: ordered engrossed
2019-04-04SenateCommittee report: amend do pass, adopted
2019-03-07SenateFirst reading: referred to Committee on Judiciary
2019-02-26HouseReferred to the Senate
2019-02-25HouseRepresentative Burton added as coauthor
2019-02-25HouseSenate sponsors: Senators Bohacek, Ford J.D. and Breaux
2019-02-25HouseThird reading: passed; Roll Call 291: yeas 82, nays 14
2019-02-21HouseSecond reading: ordered engrossed
2019-02-19HouseCommittee report: amend do pass, adopted
2019-01-24HouseFirst reading: referred to Committee on Financial Institutions
2019-01-24HouseCoauthored by Representatives Clere and Fleming
2019-01-24HouseAuthored by Representative Summers

Indiana State Sources

TypeSource
Summaryhttp://iga.in.gov/legislative/2019/bills/house/1495/
Texthttp://iga.in.gov/static-documents/2/3/9/9/239992ad/HB1495.01.INTR.pdf
Texthttp://iga.in.gov/static-documents/3/7/8/e/378ed452/HB1495.01.INTR.pdf
Texthttp://iga.in.gov/static-documents/b/2/8/6/b28685bc/HB1495.02.COMH.pdf
Texthttp://iga.in.gov/static-documents/9/9/6/d/996d54a2/HB1495.02.COMH.pdf
Texthttp://iga.in.gov/static-documents/d/6/1/c/d61c8ee4/HB1495.03.COMS.pdf
Roll Callhttp://iga.in.gov/static-documents/b/7/4/3/b743f752/HB1495.01.INTR.02.pdf
Roll Callhttp://iga.in.gov/static-documents/0/5/3/c/053c735e/HB1495.291.pdf
Roll Callhttp://iga.in.gov/static-documents/1/6/a/2/16a252af/HB1495.02.COMH.00.pdf
Roll Callhttp://iga.in.gov/static-documents/4/4/8/c/448c5cdc/HB1495.494.pdf
Roll Callhttp://iga.in.gov/static-documents/3/9/a/1/39a1dd14/HB1495.621.pdf
Roll Callhttp://iga.in.gov/static-documents/c/5/b/6/c5b60e45/HB1495.624.pdf

Bill Comments

feedback