In this subtitle the following words have the meanings indicated. “Administrator” means the State Court Administrator. “Fund” means the Circuit Court Real Property Records Improvement Fund. “Recordable instrument” means: A deed, as defined in § 1–101 of the Real Property Article; and Any other instrument affecting property that may be recorded under § 3–102 of the Real Property Article.

There is a Circuit Court Real Property Records Improvement Fund. There is an oversight committee composed of one representative from each of the following: The Administrative Office of the Courts; The Maryland State Archives; The Circuit Court Clerks’ Association; The Maryland Land Title Association; and The Maryland State Bar Association. The Fund shall be managed and supervised by the State Court Administrator, with advice from the oversight committee. The State Treasurer shall hold, and the State Comptroller shall account for, the Fund. The Fund shall be invested and reinvested in the same manner as other State funds. Investment earnings of the Fund shall be paid into the Fund.

The Fund consists of: Surcharges collected under §§ 7–102(b), 7–202(e), and 7–301(c)(4) of this article and § 13–604 of this subtitle; and Revenues from copies made on equipment bought through the Fund. The Fund is a nonlapsing revolving fund which is not subject to § 7–302 of the State Finance and Procurement Article. The Fund shall be used to pay: The operating expenses of the land records offices of the clerks of the circuit courts and to repair, replace, improve, modernize, and update office equipment and equipment related services in the land records office of the clerk of the circuit court for each county, as the Administrator considers appropriate, with advice from the oversight committee; and For major information technology development projects of the Judiciary Department, as the Administrator considers appropriate. Expenditures under this section shall only be made pursuant to an appropriation approved by the General Assembly in the annual State budget prior to the expenditure or obligation of funds. The Fund shall be subject to an audit by the Office of Legislative Audits as provided for in § 2–1220 of the State Government Article. Disbursements from the Fund shall supplement and may not be a substitute for any funds designated in the State budget for office equipment and services in the land records office of the clerk of the circuit court for each county.

Except as provided in paragraph (2) of this subsection, the Administrator shall establish a surcharge of $20 for each type of recordable instrument to be recorded among the land records and the financing statement records. For recordable instruments executed on or after July 1, 2011, the surcharge established under this subsection shall be $40 for each type of recordable instrument to be recorded among the land records and the financing statement records. The surcharge shall be collected by the office of the clerk of the circuit court for each county. The surcharge may not be charged: To an entity that is exempt from the payment of fees under § 3–603 of the Real Property Article; For the recordation of a restrictive covenant modification executed under § 3–112 of the Real Property Article; or For the recordation of an amendment to the common area deeds or other declarations of a homeowners association that deletes a recorded covenant or restriction that restricts ownership based on race, religious belief, or national origin in accordance with § 11B–113.3 of the Real Property Article. Receipts from the surcharge shall be placed in the Fund and used by the Administrator for the purposes of the Fund.

The State Treasurer shall report to the Administrator annually: The status of the money invested under this subtitle; and The interest received from investments for the Fund during the period covered by the report.

The Administrator shall adopt rules necessary to carry out the purposes of this subtitle.