(1) In addition to the requirements described in Subsection 57-1-46(7), a person required to file a notice under this section shall: (a) (i) file the notice described in this section on or before May 31, 2024; and (ii) re-file the notice, no earlier than May 1 and no later than May 31, every three years thereafter; and (b) amend the notice to reflect any change in the name or address of any payee included in the notice no later than the 30 days after the day on which the change occurs. (2) A person who amends a notice filed under Subsection (1) shall include with the amendment: (a) the recording information of the original notice; and (b) the legal description of the property subject to the private transfer fee obligation. (3) To be effective, a notice filed under this section shall be approved in writing by every person holding a majority of the beneficial interests in the private transfer fee obligation. (4) If a person required to file a notice under this section fails to comply with this section: (a) payment of the private transfer fee may not be a requirement for the conveyance of an interest in the property to a purchaser; (b) the property is not subject to further obligation under the private transfer fee obligation; and (c) the private transfer fee obligation is void. (5) (a) A recorded notice of transfer fee covenant that complies with the requirements of this section is valid and effective, unless the notice of transfer fee covenant is a wrongful lien as that term is defined in Section 38-9-102. (b) A county recorder is not required to determine whether a notice of transfer fee covenant is a wrongful lien for purposes of this Subsection (5). (6) (a) A person that is no longer subject to a private transfer fee obligation may seek declaratory relief in court to address any encumbrance on real property owned by the person. (b) Upon a successful claim for declaratory relief, as described in Subsection (6)(a), a court may award the person costs and reasonable attorney fees. (7) This section does not apply to a reinvestment fee covenant, as that term is defined in Section 57-1-46.
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