REMONUMENTATION FEES; EXTEND S.B. 1133:
REVISED SUMMARY OF BILL
REPORTED FROM COMMITTEE
Senate Bill 1133 (as reported without amendment)
Sponsor: Senator Wayne A. Schmidt
Committee: Economic and Small Business Development
The bill would amend the Revised Judicature Act to extend, by 20 years, the $4 fee for recording an instrument with the county register of deeds.
Generally, the county register of deeds must collect a fee for recording any instrument (i.e., a deed, assignment, bill of sale, will, trust, beneficiary designation, contract, instrument creating or exercising a power of appointment or a power of attorney, or an instrument under which a property or contract right is created). Currently, and before January 1, 2023, the fee is $4; after that date, the fee will decrease to $2. The bill would continue the $4 fee until January 1, 2043, when the fee would decrease to $2.
MCL 600.2567a Legislative Analyst: Olivia Ponte
The bill would have a significant positive fiscal impact on State government. Without an extension, the baseline revenue for the State will decrease $3.5 million per year, beginning January 1, 2023. Conversely, if enacted, the bill would extend the sunset for the current fee and would increase revenue to the Survey and Remonumentation Fund by approximately $3.5 million per year through January 1, 2043.
Date Completed: 10-7-22 Fiscal Analyst: Ryan Bergan
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.