Reprinted
April 1, 2011
ENGROSSED
HOUSE BILL No. 1541
_____
DIGEST OF HB 1541
(Updated March 31, 2011 2:12 pm - DI 84)
Citations Affected: IC 32-21.
Synopsis: Transfer fee covenants. Defines "transfer fee covenant" as
a declaration or covenant that: (1) purports to affect an interest in real
property in Indiana; and (2) requires the payment of a transfer fee to a
specified person upon a subsequent transfer of the interest in real
property. Provides that a transfer fee covenant recorded in Indiana after
June 30, 2011: (1) does not run with the title of the real property
interest purported to be affected; and (2) is not binding or enforceable
against any subsequent owner, purchaser, or mortgagee of the real
property interest. Provides that any lien purporting to secure the
payment of a transfer fee under a transfer fee covenant recorded in
Indiana after June 30, 2011, is void and unenforceable.
Effective: July 1, 2011.
January 20, 2011, read first time and referred to Committee on Judiciary.
February 15, 2011, amended, reported _ Do Pass.
February 17, 2011, read second time, ordered engrossed. Engrossed.
February 21, 2011, read third time, passed. Yeas 98, nays 0.
SENATE ACTION
February 22, 2011, read first time and referred to Committee on Judiciary.
March 10, 2011, reported favorably _ Do Pass.
March 22, 2011, read second time, ordered engrossed. Engrossed.
March 29, 2011, returned to second reading.
March 31, 2011, re-read second time, amended, ordered engrossed.
Reprinted
April 1, 2011
First Regular Session 117th General Assembly (2011)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in
this style type, and deletions will appear in
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Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in
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word
NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in
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this style type reconciles conflicts
between statutes enacted by the 2010 Regular Session of the General Assembly.
ENGROSSED
HOUSE BILL No. 1541
A BILL FOR AN ACT to amend the Indiana Code concerning
property.
Be it enacted by the General Assembly of the State of Indiana: