1. (a) This section does not apply to a party foreclosing on a mortgage executed on a tract offered for sale under this chapter.
2. (b) As used in this section, "foreign business association" means a corporation, professional corporation, nonprofit corporation, limited liability company, partnership, or limited partnership that is organized under the laws of another state or country.

3. (c) A foreign business association that:

   1. (1) has not obtained a certificate of authority from, or registered with, the secretary of state in accordance with the procedures described in IC 23 , as applicable; or

   2. (2) has obtained a certificate of authority from, or registered with, the secretary of state in accordance with the procedures described in IC 23 , as applicable, but is not in good standing in Indiana as determined by the secretary of state;

      may not purchase a tract offered for sale under section 4 of this chapter.

As added by P.L.112-2022, SEC.4.