SB 0255 - Fiscal Note

Fiscal Note - SB 0255 - Expands documents that the county recorder may charge fees for recording

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO. 0731-01

BILL NO. SB 255

SUBJECT: Housing: Recorder of Deeds, Fees

TYPE: Original

DATE: February 19, 1999

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FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
Mo. Housing Trust	Unknown	Unknown	Unknown
Total Estimated Net Effect on All State Funds	Over $100,000	Over $100,000	Over $100,000

ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
Total Estimated Net Effect on All Federal Funds	$0	$0	$0

ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
Local Government	$0	$0	$0

Numbers within parentheses: ( ) indicate costs or losses

This fiscal note contains 4 pages.

FISCAL ANALYSIS

ASSUMPTION

Officials of the Department of Economic Development (DED) - Missouri Housing Development Commission assume this proposal would increase the amount of fees that would be deposited into the Missouri Housing Trust Fund. Officials could not estimate the amount of additional revenue expected, however, officials assume they would be able to administer these additional funds with current staff.

Officials of the State Treasurer's Office assume no fiscal impact.

St. Charles County Recorder of Deeds assumes no fiscal impact to their office, however, had this legislation been in effect the full year of 1998 the Missouri Housing Trust Fund would have received an additional $6,003.

Greene County Recorder of Deeds stated there would be an increase in revenue for the Missouri Housing Trust Fund. Officials stated that in 1998 their office paid $208,089 in fees to the Missouri Housing Trust Fund for recording 69,363 real estate instruments.

Callaway County Recorder of Deeds assumes some insignificant administrative impact.

Oversight assumes collecting a fee of $3.00 on all recorded documents rather than only mortgage related documents would generate fees in excess of $100,000 annually. Income to the Missouri Housing Trust Fund will be shown as unknown.

Oversight assumes, based on information supplied by Recorders of Deeds, that any impact to counties would be insignificant and would have no fiscal impact.

FISCAL IMPACT - State Government	FY 2000	FY 2001	FY 2002
	(10 Mo.)
MO. HOUSING TRUST FUND
Income to Mo. Housing Trust Fund
(Section 59.319. 2 and 3)
Increase in Fee Revenue from
Recorder of Deeds	Unknown	Unknown	Unknown
ESTIMATED NET EFFECT TO
MO. HOUSING TRUST FUND	Unknown*	Unknown*	Unknown*
*Income is expected to exceed $100,000 annually.
FISCAL IMPACT - Local Government	FY 2000	FY 2001	FY 2002
	(10 Mo.)
Income to Recorder of Deeds
(Section 59.319. 2 and 3)
Collection of Fees	Unknown	Unknown	Unknown
Cost to Recorder of Deed
Transfer of Fees to Mo.
Housing Trust Fund
(Section 59.319. 2 and 3)	(Unknown)	(Unknown)	(Unknown)
ESTIMATED NET EFFECT TO
COUNTY RECORDER OF DEEDS	$0*	$0*	$0*
*Income collected from fees would equal cost when Recorders turn over fees collected.
FISCAL IMPACT - Small Business
Small businesses which have instruments recorded would be affected by this proposal.

DESCRIPTION

This act makes several grammatical changes to Section 59.319, RSMo, relating to the collection of fees by county recorders. The act corrects outdated references to statutes.

The three dollar fee collected by County Recorder of Deeds for the Missouri Housing Trust Fund would be applied to all instruments recorder, not just to deed and other instruments of real estate.

This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.

SOURCES OF INFORMATION

Department of Economic Development - Mo. Housing Development Commission

State Treasurer

Callaway County - Recorder of Deeds

Greene County-Recorder of Deeds

St. Charles County Recorder of Deeds

Jeanne Jarrett, CPA

Director

February 19, 1999