Bill Title: Creates the Transfer Fee Covenant Act. States legislative findings and declares that transfer fee covenants violate the public policy of favoring the transferability of real property free of unreasonable restraints. Defines transfer, transfer fee, and transfer fee covenant. Provides that a transfer fee covenant or a lien to secure the payment of a transfer fee that is recorded after the effective date is void, unenforceable, and does not run with the title to the real property. Provides that it cannot be presumed that the provisions of this Act mean that a transfer fee covenant or lien recorded before the effective date is valid and enforceable.

Spectrum: Bipartisan Bill

Status: (Passed) 2010-07-27 - Public Act . . . . . . . . . 96-1345 [SB3747 Detail]

Text: Latest bill text (Enrolled) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Arthur Wilhelmi [D]	Sponsor	Sponsored Bills	SD-043	FollowTheMoney	Ballotpedia	VoteSmart
Senator Dale Righter [R]	Sponsor	Sponsored Bills	SD-055	FollowTheMoney	Ballotpedia	VoteSmart
Senator Kirk Dillard [R]	Sponsor	Sponsored Bills	SD-024	FollowTheMoney	Ballotpedia	VoteSmart
Senator Toi Hutchinson [D]	Sponsor	Sponsored Bills	SD-040	FollowTheMoney	Ballotpedia	VoteSmart

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