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Hearing on bill to raise mortgage-fraud surcharge to $5 draws prosecutors’ support, banker concerns
Summary
Senate Bill 5109 would raise the $1 surcharge on recorded deeds of trust to $5 and eliminate the surcharge’s sunset; prosecutors said the change restores resources for mortgage-fraud prosecution, while community bankers said funds were being reallocated away from the Department of Financial Institutions.
Senate Bill 5109, which would increase the surcharge collected at the recording of a deed of trust from $1 to $5 and remove the surcharge’s sunset, received a staff briefing and mixed public testimony at the Appropriations Committee hearing.
Jessica Van Horn, staff to the committee, told the panel the $1 surcharge currently deposits net revenues into the mortgage lending fraud prosecution account administered by the Department of Financial Institutions. “The $1 surcharge is increased to $5. The sunset provisions for both the surcharge and the account are removed,” Van Horn said, and the fiscal note…
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