News Express: CLTA and Other Opponents Remain Diligent as Recording Fee Increase Legislation Stalls
Friday, September 1, 2017
September 1, 2017
Assembly leaders declined to bring Senate Bill 2 (Atkins), which would fund affordable housing through a substantial increase in recording fees, up for a vote on the floor today as it became apparent that the measure lacked the votes required to pass. CLTA is opposed to the measure and is leading a coalition of industry trade groups in opposition. As a tax increase, the bill must be passed by a two-thirds majority.
Senate Bill 2 would impose a fee of $75.00 on the recording of real estate documents. Fee revenues would be available for expenditure for affordable housing purposes. Most troubling for the title industry is the fact that SB 2’s fees would make TRID disclosures and the accurate calculation of recording fees much more problematic and costly given the very ambiguous exception relating to home sales.
The measure is part of a package of bills meant to address California’s affordable housing crisis. Other notable bills in the package include Senate Bill 3 (Beall), a $4 billion housing bond measure that would require voter approval on the November 2018 ballot, and Senate Bill 35 (Wiener), which seeks to force cities and counties to streamline the planning process for urban, multi-family projects.
Despite the lack of a vote today, efforts to move the legislation are expected to continue through the remainder of session, which runs until September 15th. CLTA strongly urges individuals working within the title industry to participate in its grassroots advocacy efforts and contact legislators through the Title Action Network (TAN).