91st General Assembly
Summary of HB2871
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House Sponsors:

Short description: 
MORTGAGE CERT OF PAYMENT ACT                                               

Synopsis of Bill as introduced:
        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.        
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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