Indiana Senate Bill 253 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 9 2020 - 25% progression, died in committee
Action: 2020-01-09 - First reading: referred to Committee on Judiciary
Pending: Senate Judiciary Committee
Text: Latest bill text (Introduced) [PDF]

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. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Provides that a violation of these provisions constitutes an incurable deceptive act under the deceptive consumer sales act. Provides that a buyer in a principal dwelling land contract is entitled to the homestead deduction regardless of whether the seller has conveyed title.

Principal dwelling land contracts.

Sen. J.D. Ford [D]

Date	Chamber	Action
2020-01-09	Senate	First reading: referred to Committee on Judiciary
2020-01-09	Senate	Authored by Senator Ford J.D.

Type	Source
Summary	https://iga.in.gov/legislative/2020/bills/senate/253/details
Text	http://iga.in.gov/static-documents/f/d/8/4/fd84a4cc/SB0253.01.INTR.pdf