Private transfer fee obligations.
In one sentence
Not clearly identified in the stored source.
No additional limitations are listed.
Official record
HB0025 Bill No.: HB0025 Drafter: LGC LSO No.: 12LSO-0183 Effective Date: July 1, 2012 Enrolled Act No.: HEA0043 Chapter No.: CH0088 Prime Sponsor: Representative Stubson Catch Title: Private transfer fee obligations. Subject: Limitations on private transfer fee obligations. Summary/Major Elements: Private transfer fee obligations are obligations arising under a declaration or covenant affecting real property that requires the payment of a fee upon the subsequent transfer of the property. The act defines various fees which are not private transfer fee obligations, notably including consideration payable upon a subsequent transfer of property based on any subsequent appreciation, development or sale of a separate mineral estate. This act requires the payee of a private transfer fee created prior to April 1, 2012, to record a notice in the county clerks office where the property is located. The act provides that a court will not have jurisdiction to enforce any private transfer fee obligation entered prior to April 1, 2012, which is not recorded as required. This recording requirement also applies to any fee, charge, assessment, fine or other amount payable to a homeowners, condominium, cooperative, mobile home or property owners association or to a nonprofit land trust pursuant to a declaration or covenant or law applicable to the association or nonprofit land trust. However, the prohibition on jurisdiction to enforce this type of fee would not apply. This act prohibits private transfer fee obligations entered into after April 1, 2012, and before July 1, 2014. Comments: Contains delayed effective/repeal date: Private transfer fee obligations will no longer be prohibited after July 1, 2014.
Public statements
Last checked Aug 7, 5:41 PM
R · S30
Why they voted this way
The lawmaker supports the bill as a compromise that bans private transfer fees for two years, allowing time to identify any issues before deciding on permanent regulation or prohibition.
Why they voted this way
The lawmaker opposes concurrence because the amendments contain a clearly incorrect date that needs to be corrected through further discussion with the other body.
S26
Why they voted this way
The lawmaker supports the bill because it has merit and allows for one-time private transfer fee payments while ensuring they do not continue indefinitely.
Why they voted this way
The lawmaker supports the amendment to change the bill into a recording device rather than a prohibition due to concerns about potential unintended consequences and far-reaching effects.
R · S30
Why they voted this way
The lawmaker opposes the amendment because removing the prohibition on private transfer fees would allow Wall Street speculators to securitize them, creating clouds on titles and precluding participation in federal programs.
R · S25
Why they voted this way
The lawmaker supports the amendment to proceed with caution and allow for further study, noting that previous changes inadvertently affected royalty interests in the state.
Why they voted this way
The lawmaker states they will vote against the bill because real estate agents are upset with them for not continuing to oppose it, despite finding the sponsor's arguments convincing.
Why they voted this way
The lawmaker supports the bill because private transfer fees create long-term difficulties for property titles and transfers by bundling them into securities, which this legislation aims to prevent.
Why they voted this way
The lawmaker opposes moving forward with the bill immediately, arguing it is controversial, not yet an issue in Wyoming, and should wait until after the budget session.
If a lawmaker is not listed, we couldn't find a published reason.
Wyoming roll calls
8 roll calls
Official activity
Changes
8 stored
Adopted 2nd reading by GREEAR
Withdrawn 3rd reading by GINGERY
Adopted, Corrected Standing Committee by H01
Adopted 2nd reading by BEBOUT
Adopted 3rd reading by BEBOUT
Adopted 3rd reading by PERKINS
Adopted Committee of the Whole by SCOTT
Adopted Standing Committee by PERKINS