North Dakota Senate Bill SB2320

North Dakota 2023-2024 Regular Session

• Introduced: 1/16/23
• Refer: 1/16/23
• Report Pass: 1/26/23
• Engrossed: 1/31/23
• Refer: 2/17/23
• Report Pass: 3/6/23
• Enrolled: 3/9/23
• Passed: 3/15/23

Caption

Fees chargeable by abstracters.

Impact

By amending the existing statute, SB2320 will standardize the fees that abstracters can charge for their services, which include searches for judgments and real estate taxes. The introduction of an annual inflation adjustment is particularly significant as it links the fees to the consumer price index, suggesting a proactive approach to managing costs and sustaining the financial viability of abstracting services. This measure aligns with overarching efforts to maintain fair pricing within the sector, ensuring that both consumers and practitioners find the fee structure reasonable and appropriate.

Summary

Senate Bill No. 2320, introduced during the Sixty-eighth Legislative Assembly of North Dakota, amends and reenacts section 43-01-18 of the North Dakota Century Code, concerning the fees that abstracters may charge for providing and certifying abstracts. This bill sets a new fee structure for various services related to land records and abstracting, including adjustments for inflation to be determined annually by a board. The adjustments aim to ensure that the fees remain relevant and equitable over time, reflecting changes in the economy and cost of living.

Sentiment

The sentiment around SB2320 appears to be largely positive, especially among those in the abstracting profession. Supporters argue that the indexed fee adjustments provide necessary protections against inflation, enabling abstracters to keep up with the rising costs of providing their services. However, there might be concerns from some segments regarding potential increases in fees as a result of the inflationary adjustments in the future, affecting users of these services. Nevertheless, the overwhelming majority of legislative votes in favor indicate a shared confidence in the bill's provisions.

Contention

Notably, while there may be broad support for the bill, discussions have hinted at contention regarding how the fee adjustments will be perceived by consumers, particularly in an economic climate where many households are already facing financial strains. The extent to which these fees will increase with inflation, as mandated by the bill, could become a point of contention if it leads to significant changes in cost for housing and land transactions.