(a) The Director of the Department of Finance and Administration shall:
(1) Design documentary stamps or documentary symbols in appropriate denominations; and
(2) Make the documentary stamps and documentary symbols available for purchase at offices of the Revenue Division of the Department of Finance and Administration and by consignment arrangement with title companies, banks, and savings and loan associations throughout the state.
(b) The director may:
(1)
(A) Investigate the possibility of replacing or supplementing the paper documentary stamps presently used as proof of compliance with the real property transfer tax with alternative proofs of payment, including without limitation ink-based or computer-generated symbols to be placed on instruments evidencing a transfer of real property.
(B) The director shall collaborate with attorneys at law, representatives of title companies, county recorders, and other interested parties to recommend possible alternative methods of providing proof of payment of the real property transfer tax.
(C) If an investigation is undertaken, the director shall complete the investigation by July 1, 2012; and
(2)
(A) Promulgate rules to implement alternative methods of providing proof of payment of the real property transfer tax that ensure that the grantee is in full compliance with the law.
(B) Before promulgating any rules, the director shall report the finding of the investigation authorized under § 26-60-107(f)(1) to the Speaker of the House of Representatives and the President Pro Tempore of the Senate if the General Assembly is in session or to the Legislative Council during the interim.
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