NY S03640

Increases the surcharge fee on real property recording transactions from $5 to $7.50, with $0.25 deposited to the local government records management improvement fund and $1.00 to the cultural education account (previously $0.75)

Increases the surcharge fee on recorded instruments from $15 to $22.50, with $1.00 deposited to the local government records management improvement fund and the remainder to the cultural education account (previously $0.75 and $15 respectively)

Authorizes the Commissioner of Education to award formula grants to county clerks and New York City record-keeping agencies equal to 75 cents per transaction surcharge collected in the prior calendar year for records management improvement

Requires the Commissioner of Education to deposit collected surcharge revenues to the local government records management improvement fund by the tenth day of the following month

Takes effect 60 days after becoming law