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Rhode Island and South Carolina Legislative Update

Rhode Island has enacted the Uniform Fiduciary Access to Digital Assets Act which has been enacted in various states on which we have previously reported, effective July 15, 2019.  The South Carolina legislature recently amended its laws to provide a set recording fee for certain types of documents, effective August 1, 2019.

 

RHODE ISLAND HOUSE BILL 5778

 

The Uniform Fiduciary Access to Digital Assets Act (“Act”) sets forth the requirements and obligations for a custodian to provide a designated recipient or fiduciary with access to the digital assets of a user.  The Act defines digital assets and the parties involved, which includes the following:

  • Custodian (person or entity that carries, maintains, processes, receives, or stores a digital asset of a user)
  • Digital Asset (electronic record in which an individual has a right or interest, but does not include an underlying asset or liability unless the asset or liability is itself an electronic record)
  • User (person whose digital asset or electronic communication is carried, maintained, processed, received, or stored by a custodian or to which a custodian provides services)
  • Designated recipient (person chosen by a user using an online tool to administer digital assets of the user)
  • Fiduciary (an original, additional or successor personal representative, guardian, conservator, agent or trustee).

 

SOUTH CAROLINA HOUSE BILL 3243

 

The recording fee will now be a flat rate of $15 for a deed and $25 for a mortgage or any other document affecting the title or possession of real estate.  Previously, the fee to record either a mortgage or a deed was $10 plus additional fees if the document was more than four pages or required recording in both the real and personal property indexes.

 

The recording fee for a mortgage satisfaction or release, including a partial release, is now $10 (previously $5).

 

The recording fee for an assignment of mortgage is now $10 (previously $6).

 

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Diane Jenkins

Director, National Mortgage Compliance Practice Group, AsurityDocs Of Counsel, Sandler Law Group

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