The bill amends existing laws regarding the collection of fees associated with the recording of certain documents, specifically exempting assignments or substitutions of previously recorded deeds of trust from both the document recording fee and the covenant homeownership program assessment. Starting January 1, 2024, the county auditor will collect a $100 assessment for each recorded document, with specific exemptions outlined. The new language includes the addition of assignments or substitutions of previously recorded deeds of trust as exempt from this assessment, which is a significant change to the current law.

Additionally, the bill reenacts and amends RCW 36.22.250, which establishes a surcharge of $183 per instrument for recorded documents, also exempting assignments or substitutions of previously recorded deeds of trust from this surcharge. The funds collected from these surcharges are allocated for various purposes, including homelessness assistance and affordable housing initiatives. The bill aims to streamline the recording process for certain documents while ensuring that funds generated from other recorded documents continue to support housing and homelessness programs in Washington State.

Statutes affected:
Original bill: 36.22.185