1. (a) A municipal fiscal officer acting under this chapter shall, in the manner prescribed by IC 5-4-1 , obtain, execute, and file a bond conditioned upon the following:

   1. (1) The faithful compliance of the municipal fiscal officer with this chapter.
   2. (2) The faithful accounting for all money coming into the municipal fiscal officer's possession under the Barrett Law.

2. (b) A municipal fiscal officer who does any of the following is personally liable to a person suffering loss due to that action and may be removed from office by proper action filed under IC 5-8-1-35 :

   1. (1) Fails to collect the interest or penalties provided for by this chapter on delinquent assessments and installments of assessments.
   2. (2) Fails to enforce the collection of the assessments by the sale of the property. However, this subdivision does not apply to a municipal fiscal officer of a municipality that has adopted an ordinance under section 24(a) of this chapter.
   3. (3) Otherwise fails to comply with this chapter.
3. (c) The surety on the municipal fiscal officer's bond is also liable to the extent of the bond.

As added by P.L.98-1993, SEC.8.