House Bill 1084, also known as the Employee Autoimmune Disorder Protection Act, was introduced during the 2024 legislative session in Maryland. The bill was first read in the House Economic Matters Committee on February 7, 2024, and a hearing was held on March 6, 2024. The bill is related to real property laws and specifically addresses the recordation of deeds, assignments of rents, and assignments of leases for security purposes. It amends the previous requirement for a certificate of preparation for recording certain documents pertaining to land or property. The bill was drafted by Ed Levin and testified before the Senate Judicial Proceedings Committee and the House Environment and Transportation Committee.
Characteristics | Values |
---|---|
Bill Name | Employee Autoimmune Disorder Protection Act |
Companion Bill | SB 1061 |
Bill Text | Employee Autoimmune Disorder Protection Act |
Bill Hearing Date | 3/06/2024 |
Bill Hearing Time | 1:00 p.m. |
Bill Hearing Location | House Office Building, Room 230, Annapolis, MD |
Bill Reading Date | 2/07/2024 |
Bill Reading Location | House |
Bill Effective Date | 10/01/2020 |
What You'll Learn
The Employee Autoimmune Disorder Protection Act
The Act aims to provide protections for employees with autoimmune disorders. While the specific details of the bill are not available, it likely seeks to address issues such as discrimination, reasonable accommodations, and support for individuals with autoimmune conditions in the workplace. This Act is a significant step towards ensuring the rights and well-being of employees living with autoimmune disorders in Maryland.
The bill has a companion bill, SB 1061, indicating that a similar piece of legislation is being considered in the Senate. This approach of having companion bills in both chambers increases the chances of the legislation passing and becoming law.
The progress of the Employee Autoimmune Disorder Protection Act through the Maryland state legislature is a testament to the recognition of the needs of employees with autoimmune disorders. It demonstrates a commitment to creating an inclusive and supportive work environment for all Maryland residents.
As of February 2024, the bill was in the early stages of the legislative process. It is important to monitor its progress to see if it gains traction and support in the House and Senate, as well as any potential amendments that may be introduced.
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Recording costs and taxes
The following laws and bills refer to recording costs and taxes:
- Real Property — Recording Costs — Exemption HB 676/SB 291 (Chapters 299 & 300) (effective October 1, 2020): Chapters 299 and 300 add all units of state government to those entities exempt from paying a fee to record documents in the land records under Real Property Article §3-603 unless the entity first gives its consent.
- Howard County — Transfer Tax - Rate Increase Authorization Ho. Co. 26-20 HB 1454 (Chapter 477) (effective June 1, 2020): Chapter 477 exempts moderate-income housing units from the Howard County transfer tax. The law also authorises Howard County to increase the rate of the transfer tax to support certain public purposes.
- Home Builder Guaranty Fund — Award Limitations — Revisions HB 116/SB 164 (Chapters 58 & 59) (effective October 1, 2020): The Home Builder Guaranty Fund, administered by the Office of the Attorney General's Consumer Protection Division (CPD), allows consumers to seek compensation for actual losses resulting from an act or omission by a registered home builder that constructs a new home for a consumer. Chapters 58 and 59 increase the maximum amount the CPD may award from the Home Builder Guaranty Fund to all claimants for acts or omissions of one registered home builder before the registered home builder reimburses the fund. The fund is supported by fees collected by local governments from home builders upon application for a construction permit.
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Condominiums and homeowners associations
House Bill 1084, which was cross-filed with Senate Bill 154, was passed into law in Maryland in 2020. The bill relates to the recordation of deeds, specifically assignments of rents and leases for security purposes.
The bill enables assignments of rents and leases used as security instruments to be recorded without an accompanying certificate of preparation. This change was made because, in commercial transactions, a certificate of preparation is not required for a deed of trust or mortgage, but it is for an assignment of an interest in rents and profits, which is a less significant document.
The bill was drafted by Ed Levin, who testified on Senate Bill 154 before the Senate Judicial Proceedings Committee and on House Bill 1084 before the House Environment and Transportation Committee.
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Real property laws
House Bill 1084, which became law in Maryland on 1 October 2020, relates to real property law. Specifically, it concerns the recordation of deeds, assignments of rents, and assignments of leases for security purposes.
Prior to the bill, Maryland's Real Property Article (RP) §3-104(f) stated that “no deed, mortgage, or deed of trust” could be recorded in any of the state's land records without a certificate of preparation. This certificate could be signed by either an attorney or a party to the instrument. The term "deed" was defined very broadly to include any deed, mortgage, deed of trust, lease, and assignment pertaining to land or property, or any interest therein.
Chapters 424 and 423 of the bill enable assignments of rents and leases, when used as security instruments, to be recorded without an accompanying certificate of preparation. This change addresses the anomaly whereby a certificate of preparation was not necessary for a deed of trust or mortgage but was required for an assignment of an interest in rents and profits, which is a less significant document.
The bill was drafted by Ed Levin of the Maryland State Bar Association's Real Property Section, who also testified on the bill before the House Environment and Transportation Committee.
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Refinance mortgages
House Bill 1084, which became law in Maryland in 2020, enables assignments of rents and leases when used as security instruments to be recorded without an accompanying certificate of preparation.
Refinance rates in Maryland fluctuate frequently due to trends in the economy, Treasury bond rates, demand, and other factors. While these rates are still far higher than they were a few years ago, they have been declining since the start of the year when they were at 7% or more. If you bought your home when rates were in that range, it may be worth considering a refinance if rates continue to fall. Alternatively, if you have equity in your home in Maryland, you might want to explore a cash-out refinance.
Maryland mortgage rates have been trending downward since mid-July, which is a step in the right direction for housing affordability, though home prices are still high in many places across the state. The median sale price in Maryland was $436,100 as of August 2024, which is nearly 5% higher than the year prior.
If you're considering refinancing your mortgage, it's important to shop around and compare rates from multiple lenders to ensure you're getting the best deal. You'll also want to make sure you have all the necessary documentation, such as proof of income, assets, debts, and employment, to get the most accurate quote.
There are a few different types of refinancing options to consider:
- Rate-and-term refinancing: This type of refinance allows you to change the interest rate, term, or both on your current mortgage. It can help you lower your monthly payments, shorten the length of your mortgage, or both.
- Cash-out refinancing: This option allows you to tap into your home equity and borrow more than you currently owe on your mortgage. You can use the cash for a variety of purposes, such as home improvements, debt consolidation, or other financial goals.
- Streamline refinancing: If you have a loan backed by a government agency like the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA), you may be eligible for a streamline refinance, which can help you lower your interest rate and monthly payments with less documentation and an easier approval process.
When deciding whether to refinance, it's important to consider the costs involved, such as closing costs and any prepayment penalties on your current mortgage. You'll also want to make sure you plan to stay in your home long enough to recoup those costs through the savings on your monthly payments.
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Frequently asked questions
HB 1084 is a bill that amends Real Property Article (RP) §3-104(f) in Maryland.
HB 1084, along with SB 154, enables assignments of rents and leases when used as security instruments to be recorded without an accompanying certificate of preparation.
Yes, HB 1084 became law in Maryland on October 1, 2020.