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2012 -- S 2215 SUBSTITUTE A | |
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LC00674/SUB A | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO REAL PROPERTY - TRANSFER FEES | |
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Introduced By: Senator Walter S. Felag | |
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Date Introduced: January 24, 2012 | |
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Referred To: Senate Judiciary | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Chapter 34-11 of the General Laws entitled "Form and Effect of |
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Conveyances" is hereby amended by adding thereto the following section: |
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34-11-42. Transfer fees prohibited. – No person or business entity who sells real |
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property shall charge, collect, receive, or be entitled to a fee based solely on the subsequent resale |
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or transfer of said property. This prohibition includes, but is not limited to, fees or charges |
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imposed by a real estate developer based upon the subsequent resale or transfer of said real |
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property. Any housing development that is covered by the definition in subdivision 45-53-3(9) is |
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exempt from this section. Further, any fee or charge connected with the transfer of properties with |
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a conservation restriction as defined in subsection 34-39-2(a) is exempt from the provisions of |
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this section. Further, community associations, including, but not limited to, condominium |
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associations, homeowners associations and cooperative associations, are exempt from this |
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section. Any covenant recorded on or after July 1, 2012, imposing any charge or fee inconsistent |
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with this section shall be void and unenforceable against any subsequent owner, purchaser or |
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mortgagee. |
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SECTION 2. This act shall take effect upon passage. |
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LC00674/SUB A | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO REAL PROPERTY - TRANSFER FEES | |
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This act would prohibit transfer fees based solely upon the resale or subsequent transfer |
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of real property. This act would exempt housing developers connected with section 45-53-3(6), |
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conservative restrictions as defined in section 34-39-2, and various forms of community |
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organizations. |
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This act would take effect upon passage. |
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LC00674/SUB A | |
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