Bill > HB1913

This bill addresses recording and indexing fees for commercial deeds of trust or mortgages that contain multiple legal instruments. It establishes a new category called "multipurpose commercial deed of trust or mortgage" which can include various financial instruments like security agreements, assignments of rents, and real property-related financing statements. Under the new provisions, when such a multipurpose document is recorded, circuit court clerks cannot charge separate recording and indexing fees for each instrument unless the person specifically requests multiple recordings. The bill mandates that these multipurpose documents must clearly state "THIS IS A MULTIPURPOSE COMMERCIAL DEED OF TRUST" on the front page to provide notice of its multiple legal purposes. Recording fees for such documents are set at a flat rate depending on the number of pages: $200 for 10 or fewer pages, $225 for 11-30 pages, and $250 for 31 or more pages. Additionally, the bill clarifies that these documents can be recorded, indexed, and satisfied in the same manner as single-purpose documents. Regarding quitclaim deeds, the bill also provides that no recordation tax will be required for deeds between parties where no consideration has passed, provided the deed clearly shows this on its face.