91st General Assembly
Summary of SB1628
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
Senate Sponsors:
WALSH,T.

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 both 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.                       
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

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


   END OF INQUIRY 



 Full Text  Bill Status