Fiscal Note - SB 0164 - Revises Definition of County Title Records
L.R. NO. 0860-03
BILL NO. Truly Agreed To And Finally Passed HCS for SB 164
SUBJECT: Property: Real and Personal
TYPE: Original
DATE: May 16, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials of the Department of Insurance (INS) assume that this proposal
would have no significant impact.
Officials of the Callaway, Franklin, Taney, and Boone County Recorder of
Deeds assume no fiscal impact.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
0 0 0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
0 0 0
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of
this proposal.
DESCRIPTION
This proposal would require that all deeds, mortgages, conveyances, deeds of
trust, assignments, bonds, covenants, or defeasances contain a legal
description, and all deeds except deeds of easements of right-of-way
conveying lands or tenements must contain a mailing address of one of the
grantees named in the instrument. The Recorder of Deeds could not record the
instrument absent the address or legal description.
This act revises the definition of "title plant", which are the land records
kept by county recorders of deeds. The new definition includes any county
record which would give constructive notice to purchasers of real property.
The index must be made according to affected land and by any affected person.
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 Insurance
Callaway County-Recorder of Deeds
Boone County-Recorder of Deeds
Franklin County-Recorder of Deeds
Taney County-Recorder of Deeds
This Fiscal Note is not an official copy and should not be quoted or cited.