Vote Smart's Synopsis:

Vote to pass a bill that amends mortgage registration fees.

Highlights:

• Reduces the registration fee paid to each county for the mortgage of real property or the renewal of a mortgage from 0.26 percent of the principal debt secured by the mortgage to the following amounts (Sec. 2):
• 0.2 percent of the principal debt secured by a mortgage received and filed for record on or after January 1, 2015 but prior to January 1, 2016;
• 0.15 percent of the principal debt secured by a mortgage received and filed for record on or after January 1, 2016 but prior to January 1, 2017;
• 0.1 percent of the principal debt secured by a mortgage received and filed for record on or after January 1, 2017 but prior to January 1, 2018;
• 0.05 percent of the principal debt secured by a mortgage received and filed for record on or after January 1, 2018 but prior to January 1, 2019; and
• 0.0 percent of the principal debt secured by a mortgage received and filed for record on or after January 1, 2019.

• Increases certain fees charged by the county register of deeds including, but not limited to, the following fees (Sec. 1):
• Existing law:
• $6 for the first page of recording deeds, mortgages, or other instruments of writing; and
• $2 for second page and each additional page of deeds, mortgages, and other instruments of writing.
• New law for all records received and filed on and after January 1, 2015 and ending January 1, 2016:
• $8 for first page of recording deeds, mortgages, and other instruments of writing; and
• $4 for second page and each additional page of deeds, mortgages, and other instruments of writing.
• New law for all records received and filed on and after January 1, 2016 and ending January 1, 2017:
• $11 for first page of recording deeds, mortgages, and other instruments of writing; and
• $7 for second page and each additional page of deeds, mortgages, and other instruments of writing.
• New law for all records received and filed on and after January 1, 2017 and ending January 1, 2018:
• $14 for first page of recording deeds, mortgages, and other instruments of writing; and
• $10 for second page and each additional page of deeds, mortgages, and other instruments of writing.
• New law for all records received and filed on and after January 1, 2018:
• $17 for first page of recording deeds, mortgages, and other instruments of writing; and
• $13 for second page and each additional page of deeds, mortgages, and other instruments of writing.

• Requires the register of deeds to charge and collect an additional fee of $3 per page for recording certain mortgage documents and deposit the revenue from the additional fee as follows beginning January 1, 2015 (Sec. 1):
• Deposit $2 of the fee in the register of deeds technology fund;
• Deposit $0.50 of the fee in the county clerk technology fund; and
• Deposit $0.50 of the fee in the county treasurer technology fund. 

• Establishes a “County Clerk Technology Fund” in each county to be used by the county clerk to acquire equipment and technological services in the office of the county clerk (Sec. 3).

• Establishes a “County Treasurer Technology Fund” in each county to be used by the county treasurer to acquire equipment and technological services in the office of the county clerk (Sec. 3).

• Authorizes the county commission to transfer funds in excess of $50,000 from a County Clerk Technology Fund to other county offices for equipment and technology if a county clerk indicates that such funds in excess of $50,000 are not needed and designated for technology (Sec. 3).

• Authorizes the county commission to transfer funds in excess of $50,000 from a County Treasurer Technology Fund to other county offices for equipment and technology if a county treasurer indicates that such funds in excess of $50,000 are not needed and designated for technology (Sec. 4).

Full Bill Text