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IMPORTANT NOTICE TO BE ACTED ON IMMEDIATELY**********
House Bill 31 – is now in the Government Operations Committee and testimony was heard this week. For those of you who do not know – H31 is the ‘short form mortgage’.
This bill is being looked at as a reduction in vault space and I cannot deny that it will reduce the number of volumes being recorded.
HOWEVER------the issue that I continue to try to understand is the loss of revenue to the municipality.
If this were an average volume, the $3,759 x 23 (volumes recorded in 2002) I would have reduced my revenue by $86,457.00.
Word now has it from
There are over 250 clerks in this State. I have heard from very few of you so I am still not sure what direction you would like to see the Legislative Committee proceed. Not only do I need to hear from you, but you need to contact your legislators, select boards, town managers, administrative assistants – this affects the municipality as a whole. The ironic part of this issue is that the dollar increase per page – if granted by the new legislation – will still end with a net reduction in revenue using the 2002 recording statistics.
I BELIEVE THAT WE NEED TO PROPOSE THAT THE SHORT FORM BE USED BUT THE DOCUMENT FEE WILL BE EQUAL TO THE $7.00 OR $8.00 PER PAGE TIMES THE NUMBER OF PAGES THAT THE SHORT FORM DEED REFERS TO. THIS ACCOMPALISHES TWO FOLD --- REDUCES THE VOLUME OF PAPER BEING RECORDED AND GENERATES THE REVENUE NEEDED TO IMPROVE VAULT SPACE AND MAINTAIN THE RECORDS. IT IS BEING PAID FOR BY THE PERSON(S) FILING THE DOCUMENT. THE RECORDING FEES ARE A VERY SMALL PORTION OF THE CLOSING COSTS. SOMEONE BORROWING $100,000.00, I BELIEVE, WOULD BE WILLING TO PAY THE $105 - $120 FOR A 15-PAGE MORTGAGE IF THEY KNEW THAT THEIR RECORDS WERE GOING TO BE PROPERLY MAINTAINED. THE TOWN’S FINANCES ARE JUST AS CRITICAL AS THE STATE’S. John