VA HB448

Establishes a new fee structure for recording "multipurpose deeds of trust or mortgages" that combine multiple legal instruments (such as a deed of trust, security agreement, assignment of rents, or financing statement) into one document, with fees of $200 for 10 or fewer pages, $250 for 11-30 pages, and $300 for 31 or more pages

Requires multipurpose deeds of trust or mortgages to include a statement on the front page in capital letters or underscored text identifying the document as "THIS IS A MULTIPURPOSE DEED OF TRUST" or "THIS IS A MULTIPURPOSE MORTGAGE"

Prohibits circuit court clerks from assessing separate fees for each independent legal purpose within a multipurpose document and limits the clerk's indexing duty to recording it only as a deed of trust or mortgage

Amends the Uniform Commercial Code provisions (§ 8.9A-502) to specify that financing statements incorporated into multipurpose deeds of trust shall not be retained as standalone financing statements and shall be assessed fees under the new multipurpose fee structure

Expands recordation tax exemptions to include quitclaim deeds without consideration and deeds to correct fraudulently recorded documents, including fraudulent deeds of trust