(a) Bidding.

1. (1) Online bidding for the unsold-property auction parcels shall not be available to the public until the parcel is added to the unsold-property auctions list.
2. (2) No bid shall be accepted unless all requirements for registration are met.

3. (3) An online bid shall:

   1. (A) Be considered a binding offer to purchase; and
   2. (B) Obligate the potential purchaser to the terms and conditions published online and set forth in this part.

(b) Auction period.

1. (1) The auction period:

   1. (A) Begins on the unsold-property auction commencement date; and
   2. (B) Shall end upon the unsold-property auction closing date.
2. (2) On the unsold-property auction closing date, bidding will automatically close promptly at 8:00 p.m. CT, after which time no other bids may be submitted.

(c) Notification and acceptance of bid.

1. (1) On the unsold-property auction closing date, the successful bidder shall be notified by the Commissioner of State Lands that his or her bid has been successful.

2. (2)

   1. (A) Upon this notification, the successful bidder’s payment method provided at registration shall immediately be charged the one-hundred-dollar earnest money.
   2. (B) However, if the successful bid is an amount less than one hundred dollars ($100), the full bid amount shall be charged as earnest money and payment in full.
3. (3) Commencing on the date of this notification, the successful bidder shall tender the entire amount of the bid within ten (10) business days by payment in certified funds.
4. (4) Failure of a successful bidder to tender the earnest money or the full purchase price within the specified time may result in revocation of registration and a prohibition on bidding in any or all future auctions.

(d) Who may bid.

1. (1) Any person, corporation, association, other legal entity, or agent thereof may bid on the parcels offered, except that the following may not bid or purchase a parcel through a tax sale, whether directly or indirectly:

   1. (A) The Commissioner of State Lands and his or her employees;
   2. (B) The county collector or his or her deputy;
   3. (C) An individual or entity whose home of record is outside the United States; and
   4. (D) A former owner or interested party.
2. (2) Any persons or entities that have won previous auctions and submitted payment via a check with insufficient funds, provided payment information upon which funds could not be drawn, or otherwise failed to pay may be prohibited from bidding.

3. (3) Effective July 1, 2021, in the event it is determined that a tax-delinquent parcel previously certified to the Commissioner of State Lands has been purchased by an individual or entity whose home of record is outside the United States:

   1. (A) The deed shall be cancelled by the Commissioner of State Lands within three (3) business days of the determination;
   2. (B) Any and all moneys originally paid to the Commissioner of State Lands for the parcel are immediately forfeited to the Commissioner of State Lands; and
   3. (C) The parcel is immediately considered certified without further action to the Commissioner of State Lands as tax-delinquent.

(e) Terms of sale.

1. (1) The full purchase price is equal to the amount of the successful bid.
2. (2) Once a bidder is notified that his or her bid has been successful, the earnest money for each parcel purchased shall be immediately paid by processing the payment method provided at registration.

3. (3) Effective July 1, 2023, in the event the payment for the earnest money fails, the:

   1. (A) Sale will be cancelled; and
   2. (B) Buyer may be prohibited from bidding in any or all future auctions.
4. (4) The balance of the bid, less the earnest money already paid, shall be payable by certified funds.
5. (5) Payment by credit or debit card is subject to a nonrefundable processing fee charged by the issuing credit card company.
6. (6) All certified funds should be made payable to the “Commissioner of State Lands”.

7. (7)

   1. (A) No purchase may be made on a time-payment plan.
   2. (B) It is the bidder’s responsibility to already have certified funds available for payment.

8. (8) Effective July 1, 2023, in the event of failure to pay the balance due after the earnest money has been paid, the:

   1. (A) Earnest money is forfeited to the Commissioner of State Lands;
   2. (B) Sale will be cancelled; and
   3. (C) Buyer may be prohibited from bidding in any or all future auctions.
9. (9) If no redemption occurs before 4:00 p.m. CT the last business day prior to the unsold-property auction closing date and payment of the full purchase price is received, the purchaser will receive a limited warranty deed from the Commissioner of State Lands.
10. (10) The Commissioner of State Lands reserves the right to cancel any sale.