The bill amends existing law regarding the remedies available to the Secretary of the Department of Finance and Administration, specifically concerning the superiority of liens created by the entry of a certificate of indebtedness. The key change is that a lien created by this certificate will no longer be considered superior to a purchase money mortgage. This adjustment clarifies the hierarchy of claims against property when a certificate of indebtedness is filed.

In particular, the bill modifies Arkansas Code 26-18-701(a)(3)(B) to specify that while the lien remains in addition to other liens securing payment of taxes and related costs, it is explicitly stated that it is not superior to purchase money mortgages. This change aims to protect the interests of lenders who provide financing for property purchases, ensuring that their claims take precedence over the state's lien in such cases.

Statutes affected:
HB 1273: 26-18-701(a)
Act 29: 26-18-701(a)