Utah SB0196 amends the Wrongful Lien Act to expand the definition of "wrongful lien" and invalidate certain covenants.

Utah SB0196 amends the Wrongful Lien Act by expanding the definition of "wrongful lien" to include certain covenants. If a reinvestment fee covenant or transfer fee covenant is deemed a wrongful lien, it becomes invalid. The bill also mandates that notices of reinvestment fee covenants or transfer fee covenants be filed by May 31, 2024, and every three years thereafter. It specifies that covenants recorded before March 16, 2010, are unenforceable unless a notice is filed. The bill makes technical changes to the Utah Code.

Utah SB0196 amends the Wrongful Lien Act to expand the definition of "wrongful lien" and invalidate certain covenants.

Utah SB0196 amends the Wrongful Lien Act by expanding the definition of "wrongful lien" to include certain covenants. If a reinvestment fee covenant or transfer fee covenant is deemed a wrongful lien, it becomes invalid. The bill also mandates that notices of reinvestment fee covenants or transfer fee covenants be filed by May 31, 2024, and every three years thereafter. It specifies that covenants recorded before March 16, 2010, are unenforceable unless a notice is filed. The bill makes technical changes to the Utah Code.