Bill > HB1940

This bill amends Arkansas Code § 26-60-110 concerning the recordation of deeds for purposes of the real property transfer tax. The key provisions are: 1) Before a deed can be recorded, the grantee or their agent must provide proof of payment of the real property transfer tax or proof of an exemption from the tax. 2) The county recorder cannot record a deed unless it has an attached affidavit containing the required information and documentary stamps or a symbol showing full payment of the tax, or alternatively, a certification by the grantee that the correct amount of tax has been paid. 3) If the deed is exempt from the real property transfer tax, the recorder can record it if it contains a statement acknowledging the exemption, without the need for an affidavit or receipt. The bill aims to improve the recordation process for deeds related to the real property transfer tax in Arkansas.