The bill amends various sections of the Revised Code concerning real property foreclosures, introducing new definitions and procedures for auctioning real estate. Key terms such as "sale date" and "start date" are defined, and it mandates that public auctions be conducted by a private selling officer independent of the mortgagee or related entities to ensure impartiality. The bill streamlines the auction process by allowing judgment creditors to opt for public auctions if the debtor does not defend against the action. It also establishes requirements for remote bidding, necessitates itemized expense reports from private selling officers, and emphasizes the creation of a statewide official public sheriff sale website to enhance transparency and accessibility.

Additionally, the bill modifies the procedures for judicial sales by sheriffs, requiring the auction management system to publicly display all bids and introducing a licensing fee model for the official public sheriff sale website. It allows online sales of residential properties for a five-year period with a minimum bidding duration of three days and outlines appraisal requirements for residential properties. The bill also clarifies public notice requirements, allowing notices to be published online and adjusting deposit requirements for purchasers. Furthermore, it permits subsequent auctions without a minimum bid if properties remain unsold and mandates quarterly reporting by levying officers to the attorney general, repealing existing sections of the Revised Code to implement these changes.

Statutes affected:
As Introduced: 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