91st General Assembly
Status of HB2871
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 Full Text  Bill Summary

   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                                               


 Full Text  Bill Summary