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Committee Hears Support for Raising Deed Recording Surcharge to Fund Mortgage-Fraud Prosecutions
Summary
The Appropriations Committee heard testimony supporting SB 5,109 to raise the deed-of-trust recording surcharge from $1 to $5, remove its sunset, and direct most new revenue to a mortgage-lending fraud prosecution account; prosecutors argued the change restores investigative capacity eroded since 2003.
The Appropriations Committee heard public testimony Tuesday on Senate Bill 5,109, which would increase the surcharge collected when a deed of trust is recorded from $1 to $5 and remove the existing sunset on that surcharge and the associated mortgage-lending fraud prosecution account.
Jessica Van Horn, staff to the committee, told members the change would allow county auditors to retain up to 5% for administrative costs and that the fiscal note anticipates $1.1 million in new revenue…
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