Bulletin: MI2016002

Date:
July 20, 2016
To:
All Michigan Issuing Offices
RE:
UNDERWRITING - Michigan “Flat Fee” for Document Recording [Revised 9-20-16]

Dear Associates:

Please be advised that on June 22, 2016, the Governor signed into law Public Act 224 of 2016 (attached) as well as a series of related laws which have the net effect of creating a flat fee for the recording of any document notwithstanding the number of pages to the document. This law will become effective October 1, 2016. The operative language of the law states that there will be a $30.00 charge per document and the fee must be paid at the time of submission of the document for recording.

There are a number of carve outs to the flat fee, all of which involve governmental agency recordings and do not involve documents that we record as a part of a closing. But please note that: a document that assigns or discharges more than 1 instrument has an additional charge of $3.00 which might involve certain lender assignments and discharges.

Also please note that, for a document that is submitted for electronic recording under MCL 565.842 (The Uniform Real Property Electronic Recording Act), and where the fee is paid electronically, the fee must be paid within 1 business day after receipt of the document. 

The charge for a certification of a document is now $5.00 instead of $1.00 and the charge for any copy of any records or papers is $1.00 per page.

Please note that there is one caveat to the new law: Wayne County (a “Home Rule” County) has opted out of the provisions of the Act and will continue to charge $15.00 for the 1st page and $3.00 for each additional page.

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

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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