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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