The bylaws of the land bank must require the board of the land bank to:

1. (1) approve any purchase, transfer, or lease of real property held by the land bank in an open meeting of the board; and

2. (2) consider any pertinent information before approving the purchase, transfer, or lease including:

   1. (A) the assessed value of the real property;
   2. (B) any factors that may affect the current value of the real property; and
   3. (C) the financial ability of the person to fulfill the conditions of the purchase, transfer, or lease.

As added by P.L.211-2016, SEC.1.