H. B. 2857
(By Delegates Michael, Browning, Trump, Varner,
Manchin and Caputo)
[Introduced March 14, 2001; referred to the
Committee on Finance.]
A BILL to amend and reenact section five hundred twenty-five,
article nine, chapter forty-six in chapter two hundred
seventy-two, acts of the Legislature, regular session, two
thousand, relating to the deposit of fees to be charged by the
secretary of state.
Be it enacted by the Legislature of West Virginia:
That section five hundred twenty-five, article nine, chapter
forty-six in chapter two hundred seventy-two, acts of the
Legislature, regular session, two thousand, be amended and
reenacted to read as follows:
ARTICLE 9. SECURED TRANSACTIONS.
§46-9-525. Fees.
(a) Initial financing statement or other record: general rule. -- Except as otherwise provided in subsection (e) of this section,
the fee for filing and indexing a record under this part, other
than an initial financing statement of the kind described in
subsection (b) of this section, is the amount specified in
subsection (c) of this section, if applicable, plus:
(1) Ten dollars if the record is communicated in writing and
consists of one or two pages;
(2) Ten dollars if the records is communicated in writing and
consists of more than two pages; and
(3) Ten dollars if the record is communicated by another
medium authorized by filing-office rule.
(b) Initial financing statement: Public-finance and
manufactured housing transactions. -- Except as otherwise provided
in subsection (e) of this section, the fee for filing and indexing
an initial financing statement of the kind is the amount specified
in subsection (c) of this section, if applicable, plus:
(1) Ten dollars if the financing statement indicates that it
is filed in connection with a public-finance transaction;
(2) Ten dollars if the financing statement indicates that it
is filed in connection with a manufactured-home transaction.
(c) Number of names. -- The number of names required to be indexed does not affect the amount of the fee in subsections (a)
and (b) of this section.
(d) Response to information request. -- The fee for responding
to a request for information from the filing office, including for
issuing a certificate showing whether there is on file any
financing statement naming a particular debtor, is:
(1) Five dollars if the request is communicated in writing;
(2) Five dollars if the request is communicated by another
medium authorized by filing-office rule; and
(3) Fifty cents per page for each active lien.
(e) Record of mortgage. -- This section does not require a fee
with respect to a record of a mortgage which is effective as a
financing statement filed as a fixture filing or as a financing
statement covering as-extracted collateral or timber to be cut
under section 9-502(c). However, the recording and satisfaction
fees that otherwise would be applicable to the record of the
mortgage apply.
(f) Deposit of funds. -- All fees and moneys collected by the
secretary of state pursuant to the provisions of this article shall
be deposited by the secretary of state as follows: One-half shall
be deposited in the state fund, general revenue, and one-half shall be deposited in
in a separate fund in the state treasury and shall
be expended solely for the purposes of this article, unless
otherwise provided by appropriation or other action of the
Legislature the service fees and collections account established by
section two, article one, chapter fifty-nine of this code for the
operation of the office of the secretary of state. Any balance
remaining on the thirtieth day of June in the existing special
revenue account entitled "uniform commercial code" as established
by chapter two hundred four, acts of the Legislature, regular
session, one thousand nine hundred eighty-nine, shall be
transferred to the service fees and collections account established
by section two, article one, chapter fifty-nine of this code for
the operation of the office of the secretary of state. The
secretary of state shall dedicate sufficient resources from that
fund or other funds to provide the services required in this
article.
NOTE: The purpose of the bill is to revise selected charges
for services at a fair rate designed to offset the cost to the
state of the services provided, and to simplify and combine revenue
accounts and deposit one-half of all affected revenues to the
general fund and one-half of revenue to one special revenue account
to provide adequate funding for the operation of the Office of the
Secretary of State.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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