Bill
LD 399
LD 399 would change how municipalities retain proceeds from foreclosures, impacting local revenue and tax procedures.
LD 399 Summary: An Act To Amend The Laws Regarding The Retention Of Proceeds From Municipal Foreclosures
Overview
- Bill number and title: LD 399, An Act To Amend The Laws Regarding The Retention Of Proceeds From Municipal Foreclosures
- Status: DEAD for current session (Pursuant to Joint Rule 310.3 Placed in Legislative Files)
- Introduced: February 4, 2025
- Primary committee: Taxation
- Subject areas: Foreclosure, Proceeds, Property Tax Procedures
Purpose and intent
- Based on the title, the bill aimed to modify how proceeds from municipal foreclosures are retained. The exact text and substantive changes are not provided in the available material, so the precise mechanisms, allocations, or restrictions proposed by LD 399 cannot be stated here. The bill’s intent, as inferred from the title, was to alter the rules governing retention of foreclosure proceeds, potentially affecting municipal revenue handling or related tax procedures.
Key provisions (availability and limitations)
- Specific provisions, thresholds, formulas, or administrative processes are not included in the provided information.
- Consequently, we cannot detail the exact changes LD 399 proposed (e.g., who keeps how much, timing of distributions, priority of claims, or impact on tax collections). The summary reflects only what is publicly indicated by the bill’s title and status.
Who would be affected
- Municipalities conducting foreclosures and handling proceeds from foreclosures.
- Local taxing authorities and potentially property owners or other lienholders depending on the final text.
- Public and financial administrators responsible for property tax procedures and foreclosure-related revenue.
Procedural history and timeline
- 2025-02-04: Referred to the Committee on Taxation; Bill printed and sent forthwith; concurrence noted.
- 2025-02-04: Referred to Taxation in concurrence.
- 2025-03-18: Work Session Held; Voted ONTP (Ought Not To Pass).
- 2025-03-21: Carried over, in the same posture, to the next special or regular session of the 132nd Legislature (Joint Order SP 519).
- 2025-03-27: Reported Out - ONTP.
- 2025-04-01: Placed in Legislative Files (DEAD) under Joint Rule 310.3.
- Status note: The bill is currently dead for the session and has not advanced to enactment or passage.
Next steps
- There is no further action expected for LD 399 in the current session due to its DEAD status.
- If reintroduced, a new version would require referral to the Taxation committee and a fresh legislative process with possible revisions to the provisions governing retention of municipal foreclosure proceeds.
Notes
- The above summary focuses on available formal details. For substantive provisions, analysis, or fiscal impact, the full text of LD 399 would be required.
Compiled from official sources — confirm details with the bill’s official record.
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