Sec. 3. The bylaws of the land bank must require the board of the land bank to:
(1) approve any purchase, transfer, or lease of real property held by the land bank in an open meeting of the board; and
(2) consider any pertinent information before approving the purchase, transfer, or lease including:
(A) the assessed value of the real property;
(B) any factors that may affect the current value of the real property; and
(C) the financial ability of the person to fulfill the conditions of the purchase, transfer, or lease.
As added by P.L.211-2016, SEC.1.
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