Posted 2/27/23

The Secretary of State’s Office would gain nearly $1 million in new annual revenue under a bill that allows it to take over the business of advertising foreclosure sales from local community newspapers where they have appeared for years.

The bill also would remove requirements that banks post notices of upcoming sales in physical locations in the county where the property is located.

Instead, the Secretary of State would create a new website and charge banks and mortgage companies $200 for each notice.

The fiscal note on the bill shows the Secretary of State’s Office will spend $146,000 to create and operate the website.

The bill is expected to hurt local community newspapers the most, taking another swipe at local journalism which has suffered as giant media tech companies like Facebook and Google.

The bill is scheduled to be heard tomorrow (Tuesday) in the Senate State and Local Committee, and Wednesday in the House Civil Justice Committee.