The bill amends various sections of the Revised Code concerning real property foreclosures and estate sales, introducing new provisions and clarifying existing regulations. Key modifications include changes to Section 2127.38, which details the distribution of sale proceeds from real property sold by executors, administrators, or guardians, and establishes a framework for public auction sales. This framework allows judgment creditors to opt for private selling officers to conduct sales instead of county sheriffs under certain conditions. The bill also introduces definitions for terms like "sale date" and "start date," outlines the responsibilities of private selling officers, and sets limits on sale-related costs to enhance transparency and protect the interests of all parties involved.

Additionally, the bill mandates the creation of an official public sheriff sale website and an integrated auction management system to streamline the judicial sale process. The Department of Administrative Services is tasked with soliciting proposals for this system, which must include user-friendly features and secure payment processing. The bill also modifies appraisal processes for properties, requiring licensed appraisers not affiliated with the sheriff or selling officer, and clarifies conditions for postponing or canceling sales. It updates public notice requirements for property sales, specifying publication frequency and methods, while also allowing for online advertisements for unsold properties. Overall, the bill aims to modernize property sale processes, ensuring efficiency, transparency, and compliance with updated legal standards.

Statutes affected:
As Introduced: 2127.38, 2329.01, 2329.151, 2329.152, 2329.153, 2329.17, 2329.18, 2329.19, 2329.20, 2329.211, 2329.26, 2329.27, 2329.312, 2329.52, 5721.10