LEGISLATIVE SERVICES AGENCY
OFFICE OF FISCAL AND MANAGEMENT ANALYSIS
200 W. Washington St., Suite 301
Indianapolis, IN 46204
(317) 233-0696
iga.in.gov
FISCAL IMPACT STATEMENT
LS 6931 NOTE PREPARED: Jan 3, 2024
BILL NUMBER: SB 243 BILL AMENDED:
SUBJECT: Landlord-Tenant Relations.
FIRST AUTHOR: Sen. Hunley BILL STATUS: As Introduced
FIRST SPONSOR:
FUNDS AFFECTED: GENERAL IMPACT: No Fiscal Impact
DEDICATED
FEDERAL
Summary of Legislation: This bill provides that a landlord may not sell a residential rental property that
is subject to an unexpired written lease unless the landlord gives written notice to the tenant of the residential
rental property not less than 60 days before the landlord lists the property for sale, unless certain exceptions
apply. It requires a buyer of a residential rental property to honor an unexpired written lease between the
previous owner and a tenant unless the buyer of the residential rental property gives written notice to the
tenant that the buyer intends to terminate the lease, not less than 30 days before the lease is terminated, and
pays the tenant an amount equal to one month rent plus the full security deposit as specified in the written
lease.
Effective Date: July 1, 2024.
Explanation of State Expenditures:
Explanation of State Revenues:
Explanation of Local Expenditures:
Explanation of Local Revenues:
State Agencies Affected:
Local Agencies Affected:
SB 243 1 Information Sources:
Fiscal Analyst: James Johnson, 317-232-9869.
SB 243 2