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.
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