The Kansas Legislature’s website said Brownback signed the measure Wednesday.
Bankers and real estate agents have argued that home buyers are getting what amounts to a tax break. But county officials fear they’ll be forced to boost local property taxes to offset what is expected to be $53 million in lost revenue over the next five years.
The new law will phase out the mortgage registration fee by 2019. The fee is now $2.60 for every $1,000 borrowed, and almost all of the revenues raised go to the state’s 105 counties.
The law raises other fees to partially offset the lost revenues.