Text: HF02280 Text: HF02282 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 HOUSE FILE 2281 1 2 1 3 1 4 AN ACT 1 5 PROVIDING FOR THE MANDATORY RECORDING OF CERTAIN 1 6 RESIDENTIAL REAL ESTATE INSTALLMENT SALES CONTRACTS, 1 7 PROVIDING A PENALTY, AND PROVIDING FOR THE ACT'S 1 8 APPLICABILITY. 1 9 1 10 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 11 1 12 Section 1. NEW SECTION. 558.46 MANDATORY RECORDING OF 1 13 CERTAIN RESIDENTIAL REAL ESTATE INSTALLMENT SALES CONTRACTS. 1 14 1. Every real estate installment sales contract 1 15 transferring an interest in residential property shall be 1 16 recorded by the contract seller with the county recorder in 1 17 the county in which the real estate is situated not later than 1 18 one hundred eighty days from the date the contract was signed 1 19 by the contract seller and contract purchaser. 1 20 2. Failure to record a real estate contract required to be 1 21 recorded by this section by the contract seller within the 1 22 specified time limit is punishable by a fine not to exceed one 1 23 hundred dollars per day for each day of violation. The county 1 24 recorder shall record a real estate contract presented for 1 25 recording even though not presented within one hundred eighty 1 26 days of the signing of the contract. The county recorder 1 27 shall forward to the county attorney a copy of each real 1 28 estate contract recorded more than one hundred eighty days 1 29 from the date the contract was signed by the contract seller 1 30 and contract purchaser. The county attorney shall initiate 1 31 action in the district court to enforce the provisions of this 1 32 section. Fines collected pursuant to this subsection shall be 1 33 deposited in the general fund of the county. 1 34 3. Failure to timely record shall not invalidate an 1 35 otherwise valid real estate contract. However, a contract 2 1 seller is prohibited from initiating forfeiture proceedings on 2 2 the basis of a failure to comply with the terms of a real 2 3 estate contract, if the contract has not been recorded. 2 4 4. If a real estate contract is required to be recorded 2 5 under this section, the requirement is satisfied by recording 2 6 either the entire real estate contract or a memorandum of the 2 7 contract containing at least the names and addresses of all 2 8 parties named in the contract, a description of all real 2 9 property and interests in the real property subject to the 2 10 contract, the length of the contract, and a statement as to 2 11 whether the seller is entitled to the remedy of forfeiture and 2 12 as to the dates upon which payments are due. 2 13 5. For the purposes of this section, "residential 2 14 property" includes commercial property consisting of three or 2 15 more separate living quarters with at least seventy-five 2 16 percent of the space used for residential purposes. 2 17 6. This section applies to residential real estate 2 18 installment sales contracts entered into before, on, or after 2 19 July 1, 1998. However, such contracts entered into before 2 20 July 1, 1998, shall not be subject to the fine in subsection 2 21 2. 2 22 Sec. 2. Section 558.41, Code 1997, is amended by adding 2 23 the following new unnumbered paragraph: 2 24 NEW UNNUMBERED PARAGRAPH. A provision contained in a 2 25 residential real estate installment sales contract which 2 26 prohibits the recording of the contract, or the recording of a 2 27 memorandum of the contract, is unenforceable by any party to 2 28 the contract. 2 29 2 30 2 31 2 32 2 33 RON J. CORBETT 2 34 Speaker of the House 2 35 3 1 3 2 3 3 MARY E. KRAMER 3 4 President of the Senate 3 5 3 6 I hereby certify that this bill originated in the House and 3 7 is known as House File 2281, Seventy-seventh General Assembly. 3 8 3 9 3 10 3 11 ELIZABETH ISAACSON 3 12 Chief Clerk of the House 3 13 Approved , 1998 3 14 3 15 3 16 3 17 TERRY E. BRANSTAD 3 18 Governor
Text: HF02280 Text: HF02282 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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