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#465928 - 12/05/05 09:05 PM 06 requirements?
jap Offline
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jap
Joined: Mar 2004
Posts: 600
IN
Just to make sure: Any there any new state requirements for 2006? The Property Tax Benefits form sort of caught me unaware just a couple weeks before 1/1/05 and I didn't want that to happen again. I've tried to keep my ear to the ground but it almost seems like sometimes federal requirements are easier to keep track of because you hear more buzz.

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#465929 - 12/05/05 09:35 PM Re: 06 requirements?
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
So far I haven't heard anything - but as you said the state changes are harder to keep up with.
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#465930 - 12/06/05 01:07 PM Re: 06 requirements?
jap Offline
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jap
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IN
Speak of the devil: This was in the AllRegs email update in my inbox this morning.
Indiana
Fee Increases:
Effective January 1, 2006, the County Identity Security Protection Act of 2005 (Senate Bill 503) adds $2.00 to the recording fee for each document, but does not pertain to UCC's.
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#465931 - 12/06/05 04:18 PM Re: 06 requirements?
Dan Persfull Offline
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Bloomington, IN
Yeah, I got the same thing.
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#465932 - 12/06/05 09:26 PM Re: 06 requirements?
Peggy V Offline
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Peggy V
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IN
Why won't this form apply to UCC's? When reading the code it doesn't specifically eliminate UCC's. It only states documents that need to be recorded.

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#465933 - 12/06/05 09:42 PM Re: 06 requirements?
jap Offline
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jap
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IN
The way I read the code was that it applies to anything recorded by the county. Since UCCs are filed at the state level, I assume this is the reason for the exemption.
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#465934 - 12/07/05 02:09 PM Re: 06 requirements?
Dan Persfull Offline
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Bloomington, IN
This change was discussed briefly here .

It is interesting to note that the change, unless I missed it, does not require the recording fees to increase. It only states that the county will deposit $2.00 per recorded document in the county identification security protection fund. But I'm sure most counties will increase the fees to offset the deposits.

We have already been informed by our county, Monroe, the fees will increase.
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#465935 - 12/14/05 06:55 PM Re: 06 requirements?
Sage Offline
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Fixture filings are still filed in the county so you may have to pay the $2.00 and supply the form for that also.

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#465936 - 12/22/05 02:24 PM Re: 06 requirements?
jap Offline
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jap
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IN
One quick question on the new form: It is our practice to collect the release fee at loan origination. Now that it will be $2.00 more, can we simply add the $2.00 to the payoff or will we have to eat the extra charge?
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#465937 - 12/22/05 02:43 PM Re: 06 requirements?
Dan Persfull Offline
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Bloomington, IN
We will eat the $2.00 for exisitng loans. The fee will be increased by the $2.00 for all new loans.
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#465938 - 12/27/05 04:08 PM Re: 06 requirements?
Sage Offline
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Have you heard that some of the Recorders will only allow the person named as the preparer to sign the Declaration form?

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#465939 - 12/27/05 06:11 PM Re: 06 requirements?
Suz2 Offline
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Columbus, Ohio
Quote:

Have you heard that some of the Recorders will only allow the person named as the preparer to sign the Declaration form?




I have the same question. We prepare loans centrally and then email them to the closing office. Having the actual preprarer sign them, instead of any officer of the bank, would be challenging.

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#465940 - 12/27/05 07:27 PM Re: 06 requirements?
sansan Offline
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The hat rack
Is this declaration a requirement on all recorded documents or just those that have social security numbers?

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#465941 - 12/27/05 08:53 PM Re: 06 requirements?
Sage Offline
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I do not know how to add a link here but it looks like the Indiana Land Title Association (indianalandtitle.org) has taken the bull by the horns and gotten the state to address the signer issue.

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#465942 - 01/05/06 12:43 PM Re: 06 requirements?
Sage Offline
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FYI: Yesterday we got charged an extra $1 because the Recorder said the Declaration form did not have a full two inches at the top and bottom.

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#465943 - 01/05/06 04:31 PM Re: 06 requirements?
Sage Offline
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FYI: today another Recorder will not follow the State Board of Accounts letter regarding who can sign the Declaration. This Recorder will only accept our document for recording if the attorney who is named as "Preparer" on the document to be recorded also signs the Declaration. Is anyone else having issues?

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#465944 - 01/05/06 09:35 PM Re: 06 requirements?
Dan Persfull Offline
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Bloomington, IN
Not that I have heard yet. But that doesn't mean the mortgage department hasn't dealt with it without involving me.
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#465945 - 01/06/06 09:06 PM Re: 06 requirements?
Peggy V Offline
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Peggy V
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IN
I just read in the Indiana Bankers weekly e-news that the Indiana House & Senate may repeal redacting form with the county recorders retroactive to 1/1/06.

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#465946 - 01/09/06 03:11 PM Re: 06 requirements?
jap Offline
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IN
We, like Dan, have begun collecting an extra $2 at origination for the release fee. If this requirement is repealed, what do we need to do with the extra $2?
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#465947 - 01/09/06 03:47 PM Re: 06 requirements?
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
They will need to be refunded IMO.
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#465948 - 01/20/06 08:39 PM Re: 06 requirements?
jap Offline
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jap
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IN
From the Indiana Bankers E-News:
Bill Repealing Requirement to File Form Regarding Social Security Numbers Is Passed by the House -
HB 1114, sponsored by Rep. Foley, was passed by the House on third reading on Jan. 19. The bill, which would repeal the requirement that documents filed with recorders be accompanied by a certified statement that no Social Security were included on the filed documents, passed by a 92-0 vote.


Okay, it's been awhile since gov't class. What's the next step? How soon until this goes away?
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#465949 - 01/20/06 09:42 PM Re: 06 requirements?
Dan Persfull Offline
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Bloomington, IN
Click here for a copy of the bill. I just glanced at it and haven't had time to "dissect" it yet. But a quick reading appears it amends the certification requirement, but the county recorders still have some obligations and still must deposit the $2. So we may not have to file the certification, but our recording fees may still go up by $2.

Again I only did a quick glance, and thank you for the heads up.
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#465950 - 02/14/06 05:38 PM Re: 06 requirements?
Sage Offline
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Looks like trouble. Found this on the Ind Bankers site:

HB 1114 Encounters Controversy -
During a Feb. 8 hearing, members of the Senate Committee on Government Affairs and Interstate Cooperation raised numerous questions about provisions in HB 1114 that would repeal the requirement for filing a certified form regarding Social Security numbers when filing documents with recorders. Sen. Brandt Hershman, R-District, offered an amendment that would keep the requirement for the certified form while providing further guidance on who should file it. County recorders also raised issues about HB 1114. The Committee deferred action for a week and asked the authors of the bill to work with Sen. Hershman to work out differences. The Senate sponsor of HB 1114 is Sen. Brent Steele, R-District 44. The bill cleared the House early in the session with no controversy. The House sponsor is Rep. Ralph Foley, R-District 47. At the hearing, IBA testified in favor of the original version of HB 1114.

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#465951 - 02/28/06 08:14 PM Re: 06 requirements?
Sage Offline
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Looks like in the Feb 22, 2006 revised Bill HB 1114 the person filing a document still has to make an "affirmation" that there are no SSN's in the document, but the revised Bill does not say how or where this affirmation is supposed to be done.

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#465952 - 02/28/06 09:46 PM Re: 06 requirements?
jap Offline
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jap
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IN
From what I read, they are still deciding. Sounds like we'll still be responsible but maybe won't have to do the ridiculous form.
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