The bill enacts the State Land Banking Authority Act, which establishes a framework for local governments in Louisiana to create and operate land banks aimed at revitalizing economically and physically depressed areas. It defines key terms and outlines the powers and responsibilities of the land bank authority, including the ability to acquire, rehabilitate, and manage properties, issue bonds, and enter into contracts. The bill also establishes a board of directors to govern the authority, details the procedures for its creation and amendment, and sets limitations on its powers, such as prohibiting the exercise of eminent domain or the imposition of taxes.

Additionally, the bill enhances the operational framework for local authorities in managing real property and addressing tax-related issues. It introduces provisions for the authority to file complaints to quiet title or foreclose on multiple parcels, employ staff, and adopt a code of ethics. The authority is granted various powers, including the ability to handle outstanding tax liens and issue bonds to fund property acquisition or improvements. Key insertions in the bill specify acts that constitute default by the authority, the rights of bondholders, and the establishment of a collateral fund to secure bondholders. Overall, the legislation aims to facilitate organized land banking efforts and improve the management of real property by local governments.