HI SB987

Expands the $5 transaction fee authorized under Act 120 (2009) to apply to all recordings in the Bureau of Conveyances and Office of the Assistant Registrar of the Land Court, rather than just land deregistrations.

Broadens allowable uses of transaction fee revenue to include software purchases, project management, implementation, workflow improvements, staffing, archiving, preservation, and accessibility services in addition to the original hardware and automation purposes.

Clarifies that the transaction fee shall be repealed on the effective date of administrative rules adopted by the Department of Land and Natural Resources that establish a transaction fee, or on July 1, 2022, whichever occurs first.

Exempts transaction fee collections from the $500,000 balance cap that would otherwise lapse to the state general fund annually.

Takes effect July 1, 2050.