SB 327 - AS INTRODUCED
2016 SESSION
\t16-2765
\t05/01
SENATE BILL\t327
AN ACT\testablishing a commission to study land title registries.
SPONSORS:\tSen. Bradley, Dist 3; Sen. Boutin, Dist 16; Sen. Carson, Dist 14; Sen. Lasky, Dist 13; Sen. Watters, Dist 4; Rep. Coffey, Hills. 25; Rep. Porter, Hills. 1
COMMITTEE:\tExecutive Departments And Administration
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ANALYSIS
\tThis bill establishes a commission to study land title registries, the purpose of which shall be to determine if New Hampshire should establish a certificate of title based land title registry.
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Explanation:\tMatter added to current law appears in bold italics.
\t\tMatter removed from current law appears [in brackets and struckthrough.]
\t\tMatter which is either (a) all new or (b) repealed and reenacted appears in regular type.
\t16-2765
\t05/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Sixteen
AN ACT\testablishing a commission to study land title registries.
Be it Enacted by the Senate and House of Representatives in General Court convened:
\t1 New Subdivision; Commission to Study Land Title Registries. Amend RSA 478 by inserting after section 42 the following new subdivision:
Commission to Study Land Title Registries
478:43 Commission to Study Land Title Registries.
\t\tI. There is established a commission to study land title registries, the purpose of which shall be to determine if New Hampshire should establish a certificate of title based land title registry as an alternative to the current land deed recording system.
\t\tII. The members of the commission shall be as follows:
\t\t\t(a) One member of the senate, appointed by the senate president.
\t\t\t(b) Two members of the house of representatives, appointed by the speaker of the house of representatives.
\t\t\t(c) One registrar of deeds from the following counties: Cheshire, Sullivan, Grafton, Coos, Carroll, Belknap, or Strafford, appointed by the New Hampshire Association of Counties.
\t\t\t(d) One registrar of deeds from the following counties: Merrimack, Rockingham, Hillsborough, appointed by the New Hampshire Association of Counties.
\t\t\t(e) One attorney whose practice involves title research and real estate transactions, appointed by the New Hampshire Bar Association.
\t\t\t(f) One banker, appointed by the New Hampshire Bankers Association.
\t\t\t(g) One representative of the New Hampshire Housing Finance Authority, appointed by the authority.
\t\t\t(h) One mortgage broker, appointed by the Mortgage Bankers and Brokers Association of New Hampshire.
\t\t\t(i) One realtor, appointed by the New Hampshire Association of Realtors.
\t\t\t(j) One representative from the New Hampshire Land Surveyors Association, appointed by the association.
\t\t\t(k) The commissioner of the department of revenue administration, or designee.
\t\t\t(l) One member of the public, appointed by the governor.
\t\tIII. Legislative members of the commission shall receive mileage at the legislative rate when attending to the duties of the commission.
\t\tIV. The purpose of the commission shall be to determine if implementing a land title registry (LTR) would:
\t\t\t(a) Improve the reliability, usefulness, and transparency of New Hampshire's real estate transaction information, as has been the case for many nations that have adopted such systems.
\t\t\t(b) Lower the cost to convey property ownership by eliminating the need for a title search and title insurance.
\t\t\t(c) Enable a landowner to sell his or her or her property more quickly by improving access to useful evidence of his or her land ownership rights and interests.
\t\t\t(d) Capture fees currently unrealized by county land recording systems.
\t\tV. The commission shall:
\t\t\t(a) Study the implementation of LTRs in other nations and determine whether such a land title system would be feasible and compatible with the existing land deed recording system.
\t\t\t(b) Consider whether land titles under an LTR would have the same security and quality as existing deeds, would be readily transferable, would be less costly and secure both for property owners and property buyers.
\t\t\t(c) Determine the technological investment necessary to implement such a system and how it would be paid for and maintained.
\t\t\t(d) Estimate the revenue impact on New Hampshire counties and the state.
\t\t\t(e) Recommend whether legislation should be submitted for the 2017 legislative session to implement an LTR and identify the conditions, if any, that should be included in a prospective LTR.
\t\tVI. The members of the commission shall elect a chairperson from among the members. The first meeting of the commission shall be called by the senate member. The first meeting of the commission shall be held within 45 days of the effective date of this section. Four members of the commission shall constitute a quorum.
\t\tVII. The commission shall report its findings and any recommendations for proposed legislation to the president of the senate, the speaker of the house of representatives, the senate clerk, the house clerk, the governor, and the state library on or before November 1, 2016.
\t2 Repeal. RSA 478:43, relative to the commission to study land title registries, is repealed.
\t\tI. Section 2 of the act shall take effect November 1, 2016.
\t\tII. The remainder of this act shall take effect upon its passage.