Flat Recording Fee
In an effort to stabilize closings of transactions in Nevada as a result of new regulations issued by CFPB on TRID documents, AB169 has been introduced by Assemblywoman Sandra Jauregui. The bill would change the fee schedule for recording documents from the $10 for the first page plus $1/page to a set fee regardless of how many pages are being recorded. At this time, 23 other states either have flat recording fees or are moving to implement them.
An amendment was presented to the Assembly Commerce and Labor Committee at the hearing on March 16 to make that set fee $25 (it is $36 in the bill as introduced). The amendment would also keep recordings related to mining in the current fee schedule rather than move them to a flat fee structure.
Sylvia Smith, with the Nevada Land Title Association, testified in support of this proposal. She relayed a poignant real-life story of how unpredictable recording fees can delay - or even prevent - closings. It illustrated clearly to the Committee the importance of setting a flat recording fee.
Along with Ms. Smith, Marcus Conklin, representing the mortgage lending industry, also testified in support of the bill. He explained how critical this measure is to the real estate industry.
NVAR is supportive of this bill.
Postlicensing to Be Completed Within 6 Months
SB285, introduced yesterday by Senator Mo Denis, would change the length of time a new licensee has to complete the required postlicensing education from 1 year to 6 months. The reasoning behind this proposal is that licensees should acquire the knowledge contained in the postlicensing as soon as possible, as some new licensees wait until the last month or two before taking all of their postlicensing education. It has not yet been scheduled for a hearing.
Foreclosure on Veterans' Properties
SB33, introduced on behalf of the Governor's office, would prevent a mortgage servicer from conducting a foreclosure if the borrower is a servicemember and is on active duty or deployment, and for a period of one year after the end of the active duty or deployment. This bill closely mirrors current federal law.
NVAR supports this effort.
The bill was amended in Senate Judiciary to add language prohibiting HOAs from foreclosing under those circumstances as well. It passed out of committee on March 16, and now goes to the Senate floor.
HOA Authorized to Abate Water or Sewage Leaks in Units
SB239, which was covered in last week's Advocate, was heard in Senate Judiciary on March 15. It received support from homeowners and associations alike. NVAR supports this measure.
HOA Courtesy Notices to Include Explanation, Photo
Senator Don Gustavson introduced SB258 on March 13. This bill would authorize an HOA to send a written notice to cure an alleged violation to an owner and tenant without the imposition of a fine. It would require that such notice include:
- an explanation of the provisions which were allegedly violated
- detailed description of the alleged violation and proposed action to cure it
- clear and detailed photo if the alleged violation relates to a physical condition
- a reasonable opportunity to cure the alleged violation
This measure stems from a September 2014 Advisory Opinion from the Real Estate Division, in which the Division stated that if the HOA has a practice of sending courtesy notices without the intention of imposing a fine, a photo is not required. When the intention is to cure an alleged violation, failing to provide a photo seems counterintuitive. Mr. Gustavson's bill seeks to remedy this issue.
NVAR is monitoring this bill. It was heard in Senate Judiciary on March 15.
2017 SESSION BY THE NUMBERS
The 79th Session of the Nevada Legislature began on February 6, 2017, and will adjourn sine die on June 6, 2017.
|# of BDRs
|# of Senate Bills
|# of Assembly Bills
|Bills Tracked by NVAR
||Bill Introductions by Legislators
||Bill Introductions by Committees
||First House Committee Passage
||First House Passage
||Second House Committee Passage
||Second House Passage
In this issue:
2017 Major Investors
Investment completed as of March 16, 2017. Pledges listed for those who have invested at least $300 as of the above date.
Platinum R ($10,000+)
Jack Woodcock (pledge)
Golden R ($5,000+)
Crystal R ($2,500+)
Sterling R ($1,000+)
Forrest Barbee (pledge)
Lee Barrett (pledge)
Chris Bishop (pledge)
Christina Cova-Simmons (pledge)
Soozi Jones-Walker (pledge)
Dave Tina, Jr.
Cherie Williams (pledge)
Association Corporate Investors
NVAR - Platinum R
GLVAR - Platinum R
RSAR - Crystal R
SNAR - Crystal R
ECAR - Sterling R
IVBOR - Sterling R
For more information, please contact:
Contact Government Affairs Directors