Bulletin: WY2012003

Date:
July 24, 2012
To:
All Wyoming Issuing Offices
RE:
2012 Wyoming State Legislature Budget Session Update

Dear Associates:

The Wyoming State Legislature ended its 2012 Budget Session on March 8, 2012.  The following is a summary of bills that may be of interest to the title insurance industry.  Unless otherwise noted, the effective date of each bill was July 1, 2012. 

HB0012 Conservation Easement Exemption from Marketable Title Act
The Wyoming Marketable Title Act operates to extinguish any such interests and claims in land existing prior to the effective date of a person with an unbroken chain of title in existence for forty (40) years or more. Typically, persons claiming an interest in the land would need to record a notice of claim against the land before the expiration of the forty (40) year period. 

This bill prevents the extinguishment of Conservation Easements regardless of whether the conservation easement holder does or does not record a notice of claim in the real property records. 
[Codified under W.S. 34-10-108(a) (vi)] 

HB0013 Property Disclosure Statement for Vacant Land
This bill amends the statute concerning property disclosure statements for vacant land.  Unless waived, the seller of vacant real property located outside the city or town limits must disclose whether the wind estate has been severed from the surface estate of the real property and whether any wind energy agreement exists. 
[Codified under W.S. 34-1-151(e)]

HB0025 Private Transfer Fees
A private transfer fee is a fee or charge payable upon the transfer of an interest in real property, or payable for the right to make or accept the transfer, regardless of whether the fee or charge is a fixed amount or is determined as a percentage of the value of the property, the purchase price, or other consideration given for the transfer.

This bill prohibits the creation of a private transfer fee obligation as against real property occurring on or after April 1, 2012 and before July 1, 2014.  The bill requires a payee of a private transfer fee obligation imposed prior to April 1, 2012, to record a notice in the real property records by that date to perfect that interest against a bona fide purchaser who receives title to the property after April 1, 2012.

There are stated exceptions to the definition of private transfer fees, including among others, real estate broker fees, loan fees, lease fees, right of first refusal fees, government imposed fees, HOA fees, and conservation easement fees.

The effective date of this bill is March 15, 2012. 
[Codified under W.S. 34-28-101 through W.S. 34-28-103]

HB0035 Certificate of Notarial Acts; presumptive evidence
This bill provides that use of a short form certificate of notarial act as set forth in W.S. 34-26-108, is presumptive evidence that the document was acknowledged freely and voluntarily by the individual, attorney-in-fact, or entity.
[Codified under W.S. 34-26-107(c)]

SF0024 Homestead Exemption and Composition
This bill amends the Wyoming Code of Civil Procedure to increase the homestead exemption amount from $10,000.00 to $20,000.00 for each Wyoming resident. 
[Codified under W.S. 1-20-101]

Additionally, the bill modifies the definition of homestead to consist of, "a house on a lot or lots or other lands of any number of acres, or a house trailer or other movable home on a lot or lots, whether or not the house trailer or other movable home is equipped with wheels or resting upon immovable support."  Please note that the value limitation for house trailer or other movable home has been removed from the homestead definition. 
[Codified under W.S. 1-20-104]

SF0046 Revision to "Materials" Definition under Mechanic’s Lien Statutes
This bill modifies the definition of materials that a claimant can include in lien amounts to include "fuel and lubricants consumed in a project."
[Codified under W.S. 29-1-201(a) (viii) (C)]

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None