The Voice • July 2017
On April 21st, 2017, Indiana Governor Eric Holcomb signed Senate Bill 505, which made Indiana the newest state to adopt predictable recording fees. The bill, which took effect on July 1st, simplifies the various fee structures by making fees predictable and transparent. The move to a standardized fee greatly benefits land recording offices as well as their constituents. “Flat” fee legislation helps lending parties provide accurate recording fees upfront and help reduce lender liability if fees were to change drastically on a Closing Discourse. [1]
Other states with adopted predictable recording fees: Arizona, Idaho, Maryland, Massachusetts, Minnesota, New Mexico, North Carolina, South Dakota, Tennessee, Washington, D.C., Wisconsin and Wyoming. [1]
Senate Bill 505 also changed the statutes that regulate the selling of bulk images from the county to the purchaser. These changes will better reflect current industry practices. The two primary alterations include an increase of the per-page/per-document cost and the requirement of a signed contractual agreement from the purchaser with the county. The contract ultimately restricts the abilities of the purchaser; prohibiting both the alteration of document images and the selling or loaning of records individually or in bulk.
Additionally, the bill will have Indiana adopting the Uniform Real Property Electronic Recording Act (URPERA) before January 1st, 2018. URPERA enables an electronic document to satisfy any legal requirement that would traditionally be required with an original, paper document. With UREPRA in place, an “electronic signature will satisfy a legal requirement that a document must be signed, notarized, acknowledged or verified.” [1]
Sources
[1] https://www.alta.org/news/news.cfm?20170425-Indiana-Joins-States-With-Predictable-Recording-Fees
