Rhode Island and South Carolina Legislative Update

July 30, 2019

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.




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).




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).


Sign up for news + updates

Expert insights and regulatory updates on RegTech, compliance management, and fair lending.

Diane Jenkins

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

Recommended Resources

Goals Module Overview

Learn more about the Goals Module and its key monitoring and reporting features.

Reg+Tech Magazine Volume 2 Issue 1

Learn about the changes of state consumer protection and the responsibility of financial services institutions to pursue operational excellence and a culture of compliance.

Reg+Tech Magazine Vol. 1 Issue 2

Regulatory and technology experts discuss innovation, CRA reforms, and how single-close construction loans are reenergizing rural America.

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram