House committee substitute makes the following changes to 1st edition. Amends GS 161-10 (uniform fees of registers of deeds) to set the fee for registering or filing an instrument at $26 (was, $30) for the first 15 pages plus $4 (was, $5) for each additional page. Sets the fee for registering or filing any deed of trust or mortgage at $56 for the first 15 pages and $4 for each additional page (previous edition deleted these fees). Amends GS 161-11.3 to direct $6.20 (was, $3.20) of the $56 fee collected for registering or filing a deed of trust or mortgage to be set aside annually and placed in a nonreverting Automation Enhancement and Preservation Fund. Rewrites GS 161-11.5 to direct $6.20 (was, $5) of each fee collected under GS 161-10(a)(1) and (a)(1a) to be remitted by the register of deeds to the county finance officer, who will remit the funds to the State Treasurer on a monthly basis to be credited as follows: (1) 55% to the Floodplain Mapping Fund (was, 50%); (2) 24% to the General Fund as nontax revenue (was, 25%); and (3) 21% to the Department of Cultural Resources (was, 25%). Directs the Revenue Laws Study Committee to review the effect of this act to determine whether the changes have simplified the collection and remittance of fees, and to study the effect the fee changes had on revenue collections in the counties. Requires the Committee to report to the General Assembly and to recommend whether the new provisions should expire. The above provisions expire July 1, 2013.
Amends GS 161-14(b), requiring certain instruments presented for registration to have a blank margin of three inches at the top of the first page and blank margins of at least one-quarter inches (was, one-half) on the remaining sides of the first page and on all sides of subsequent pages, and to have at least 9 point (was, 10 point) font size, in addition to other requirements under existing law. Makes a conforming change to the bill title.
Effective October 1, 2011, and applies to instruments registered on or after that date.