MERS PETITION ON FEES REBUFFED BY U.S. SUPREME COURT

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MERS PETITION ON FEES REBUFFED BY U.S. SUPREME COURT

MERS PETITION ON FEES REBUFFED BY U.S. SUPREME COURT

Bloomberg BNA-

The U.S. Supreme Court let stand a Connecticut Supreme Court ruling requiring Mortgage Electronic Registration Systems Inc. (MERS) to pay higher recording fees in that state, opening the door for similar action by other states ( MERSCORP Holdings v. Malloy, U.S., No. 15-cv-01538, cert. den. 10/31/16 ).

In February, the Connecticut court upheld amendments to state law that require MERS — a private company that manages a major mortgage registration database — to pay recording fees that are roughly three times higher than other mortgagees.

In June, MERS asked the U.S. Supreme Court to hear its appeal, backed by banking and mortgage groups that said other jurisdictions might enact similar laws if the Connecticut decision was allowed to stand.

[BLOOMBERG BNA]

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