summary
Introduced
02/05/2026
02/05/2026
In Committee
02/05/2026
02/05/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Specifies that the amendatory Act may be referred to as the Affordability Crisis in Housing Act. Amends the Financial Institutions Act. Requires that the Department of Financial and Professional Regulation establish, maintain, and publish on its website a registry of nominees of mortgagees. Amends the Counties Code. Requires each county board to adopt revisions to its predictable fee schedule to include an additional $150 fee for a nominee of a mortgagee to record a mortgage, including an assignment, extension, amendment, or subordination, beginning no later than one year after the effective date of the amendatory Act. Creates an exception for the recording of a release of mortgage by the nominee of the mortgagee. Provides that of the additional $150, $120 is to be collected by the county as an additional Rental Housing Support Program State surcharge and deposited into the Rental Housing Support Program Fund, and $30 is to be collected by the county as a county fee with $25 to be used by the county for development and maintenance of its affordable housing capacity and $5 to be deposited into the recorder's special funds created to defray the cost of providing electronic or automated access to the county's property records. Amends the Code of Civil Procedure. Provides that a lien is not created if a nominee of a mortgagee fails to provide the recorder with the cover sheet required to accompany a mortgage under the Conveyances Act. Amends the Conveyances Act. Requires that all mortgages or assignments of mortgage recorded by or for a nominee must be recorded with a cover sheet explaining any fees that are charged, the identity of the nominee of the mortgagee, and the process that may be used by the mortgagor to track the mortgage.
AI Summary
This bill, referred to as the Affordability Crisis in Housing Act, aims to address the housing affordability crisis by increasing funding for the Rental Housing Support Program and improving transparency in mortgage recording. It mandates that the Department of Financial and Professional Regulation establish and maintain a public online registry of "nominees of a mortgagee" (entities acting as mortgage holders on behalf of others, often for tracking purposes on national electronic databases). Additionally, it requires county recorders to collect an extra $150 fee when a nominee of a mortgagee records a mortgage, including assignments, extensions, amendments, or subordinations, with $120 of this fee going to the Rental Housing Support Program Fund and $30 to the county for affordable housing initiatives and to cover costs of electronic property record access. This additional fee does not apply to mortgage releases. The bill also stipulates that mortgages recorded by a nominee must include a cover sheet detailing fees, the nominee's identity, and how the borrower can track their mortgage, and failure to provide this cover sheet will prevent the mortgage from creating a lien on the property.
Sponsors (1)
Last Action
Referred to Assignments (on 02/05/2026)
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