TOPEKA, Kan. (AP) – Despite opposition from county officials, a Kansas Senate committee recommended the repeal of a mortgage registration fee.
The bill would phase out the fee over five years. It was approved by the Senate Assessment and Taxation Committee earlier this week.
The fee is $2.60 for each $1,000 borrowed on a home mortgage, or $390 for a $150,000 mortgage.
The Lawrence Journal-World reports bankers and real estate agents say the fee hurts their business and consumers.
But county officials statewide said the fee brings in needed revenue, which would have to be replaced in some other way.
The bill would phase in over four years a $4-per-page increase for documents handled by county registers of deeds. But county officials say that won’t raise enough money to replace the mortgage fee.