Bill > HB458

This bill amends several sections of Ohio's Revised Code related to real property foreclosures, introducing several key changes to the foreclosure process. The bill modifies provisions around property auctions, including creating a new definition for "sale date" and "start date" in foreclosure proceedings, and establishing more specific rules for online and in-person auctions. Notably, the bill reduces the minimum bidding period for online auctions from seven to three calendar days and provides more flexibility for judgment creditors in postponing or canceling sales. The bill also changes appraisal requirements, particularly for residential properties, by mandating exterior-only appraisals conducted by licensed professionals and shortening the timeframe for appraisal completion from twenty-one to fourteen calendar days. Additionally, the bill introduces new provisions around private selling officers, including stricter independence requirements and guidelines for their involvement in property sales. The changes aim to modernize the foreclosure process, increase transparency, and provide more efficient mechanisms for conducting judicial sales of real estate, with particular attention to online auction processes and notice requirements.

Transportation and Infrastructure

https://www.legislature.ohio.gov/legislation/136/hb458