Senate Sponsors: JACOBS. Short description: MORTGAGE ASSIGNMENT RECORDING Synopsis of Bill as introduced: Creates the Mortgage Assignment Recording Act. Provides that it is the duty of an assignee of a mortgage on residential real estate to record the assignment of the mortgage within 30 days after the first mortgage payment is due and payable to the assignee. Provides that, if the assignee fails to record the assignment within 30 days, the assignee forfeits all accrued interest on the mortgage after the date of the assignment, and if the interest is paid to the assignee by the mortgagor, the interest shall be returned to the mortgagor with interest at the interest rate of the subject mortgage together with attorney's fees and costs, after written demand is made. Provides that, before filing an action, the mortgagor shall give 30 days' written notice to the assignee demanding the recording of the assignment. Provides that the assignee may avoid penalties if the assignee records the assignment within 30 days of receipt of the notice. Contains provisions regarding existing mortgage assignments. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status