BURKE. New Act Creates the Mortgage Certificate of Payment Act. Provides that an officer or duly appointed agent of a title insurance company may, on behalf of a mortgagor or a specified person, execute a certificate of payment and record the certificate of payment with the recorder, with certain restrictions. Provides that a certificate of payment and the appointment of an agent must be executed, acknowledged, and provide certain information. Provides that, for purposes of releasing the mortgage, a certificate of payment containing the required information and statements and properly executed is prima facie evidence of the facts contained therein, is entitled to be recorded with the recorder, and operates as a release of the mortgage described in the certificate of payment. Provides that a title insurance company recording a certificate of payment that has actual knowledge that the information and statements contained therein are false is liable to the mortgagee for actual damages sustained. Provides that the Act does not apply to mortgages with principal amounts of $300,000 or more or to mortgage loans made by certain financial institutions. 99-05-19 H FILED WITH CLERK 99-05-19 H FIRST READING 99-05-19 H REFERRED TO HOUSE RULES COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary