The second session of the 102nd Nebraska Unicameral has adjourned for the 2011-2012 legislative term, and several laws of interest to the title insurance industry have been passed and signed into law by the Governor:
LB 14: Among other things, LB 14 increases the recording fees charged by the Register of Deeds or County Clerk to $10 per page for the first page and $6 per page for succeeding pages of instruments presented for recording. This new fee structure will be operative on January 1, 2013, and will "sunset" after 5 years.
LB 370: This bill, originally introduced to abolish treasurer's tax deeds, was amended into a final bill that requires certain notices, including notice of redemption, to property owners before a tax deed can be issued to a person who has purchased a certificate of tax sale.
LB 398: A non-Nebraska resident may be commissioned a notary public if that person resides in a state that borders Nebraska and is employed in or has a regular place of business in Nebraska.
LB 473: Known as the Black-Tailed Prairie Dog Management Act, this act authorizes the County to levy an assessment for control of prairie dog populations.
LB 536: This is Nebraska's version of the Uniform Real Property Transfer on Death Deed Act. This Act introduces several concepts and requirements that will be new to Nebraska title people. A detailed Nebraska Bulletin will be forthcoming in the near future. This Act becomes operative on January 1, 2013.
LB 851: Requires that the county Treasurer provide a tax payment receipt only upon request.
LB 852: Specifies that professional corporations can be formed only by physicians, attorneys, certified public accountants, dentists, veterinarians, real estate brokers, real estate salespersons and osteopathic physicians.
LB 854: Limits to 5 years the time within which a dissolved business entity can be reinstated. This Bill will become operative on January 1, 2013.
LB 1018: Permits conversion of a corporation to a limited partnership or limited liability company, and permits mergers between different types of business entities.
LB 1031: Establishes that a debtor's name as shown on the debtor's driver's license is the "correct" name for use in filing financing statements. This Bill will become operative on July 1, 2013.
LB 1113: This is Nebraska's version of the Uniform Power of Attorney Act, and it makes some changes that will be significant to the title industry. A detailed Nebraska Bulletin will be issued in the near future. The Nebraska Uniform Power of Attorney Act will become operative on January 1, 2013.
Unless otherwise noted, bills that are passed with an emergency clause become effective as soon as signed by the Governor. Bills without an emergency clause become effective three calendar months after adjournment. Adjournment in 2012 was April 18, 2012.
Nebraska issuing agents are urged to keep up with developments in the Unicameral at its official website http://www.nebraskalegislature.gov.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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