Text: H08211 Text: H08213 Text: H08200 - H08299 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 2373 as follows: 1 2 #1. Page 1, by inserting after line 9 the 1 3 following: 1 4 "Sec. ___. Section 16.92, subsection 1, paragraph 1 5 f, subparagraph (4), Code Supplement 1999, is amended 1 6 to read as follows: 1 7 (4) If after payment of the unpaid balance of the 1 8 loan secured by the mortgage, the mortgage continues 1 9 to secure any unpaid obligation due the mortgagee or 1 10 any unfunded commitment by the mortgagor to the 1 11 mortgagee,the legal description of the property that1 12will continue to be subject to the mortgage, andthe 1 13 legal description of the property that will be 1 14 released from the mortgage. 1 15 Sec. ___. Section 16.92, subsection 2, paragraph 1 16 a, subparagraph (1), subparagraph subdivision (b), 1 17 Code Supplement 1999, is amended to read as follows: 1 18 (b) The statement contains the legal description 1 19 of the property to be released from the mortgageand1 20the legal description of the property that will1 21continue to be subject to the mortgage. 1 22 Sec. ___. Section 16.92, subsection 3, paragraph 1 23 d, subparagraph (2), Code Supplement 1999, is amended 1 24 to read as follows: 1 25 (2) A statement that the certificate is a partial 1 26 release of the mortgage,and the legal description of 1 27 the property that will be released from the mortgage,1 28and the legal description of the property that will1 29continue to be subject to the mortgage. 1 30 Sec. . Section 16.92, subsection 7, Code 1 31 Supplement 1999, is amended to read as follows: 1 32 7. PRIOR MORTGAGES. 1 33 a. If the real estate lender or closer has 1 34 notified the division that a mortgage has been paid in 1 35 full by someone other than the real estate lender or 1 36 closer, or was paid by the real estate lender or 1 37 closer under a previous transaction, and an effective 1 38 release has not been filed of record, the division may 1 39 execute and record a certificate of release without 1 40 certification by the real estate lender or closer that 1 41 payment was made pursuant to a payoff statement and 1 42 the date payment was received by the mortgagee. A 1 43 certificate of release filed pursuant to this 1 44 subsection is subject to the requirements of 1 45 subsection 2, paragraph "c". 1 46 b. For purposes of this subsection, an effective 1 47 release has not been filed of record if there appears 1 48 that a mortgagee in the record chain of title to the 1 49 mortgage has not, either on the mortgagee's own behalf 1 50 or by the mortgagee's duly appointed servicer or 2 1 attorney in fact as established of record by a filed 2 2 servicing agreement or power of attorney, filed of 2 3 record either an assignment of the mortgage to another 2 4 mortgagee in the record chain of title to the mortgage 2 5 or a release of the mortgagee's interest in the 2 6 mortgage. For the purposes of this subsection and 2 7 subsection 2, paragraph "c", "mortgage servicer" 2 8 includes a mortgagee for which an effective release 2 9 has not been filed of record as provided in this 2 10 paragraph." 2 11 #2. Title page, line 1, by inserting after the 2 12 words "relating to" the following: "the title 2 13 guaranty program, mortgage release certificates, and". 2 14 #3. By renumbering as necessary. 2 15 2 16 2 17 2 18 HOFFMAN of Crawford 2 19 HF 2373.701 78 2 20 tm/cls
Text: H08211 Text: H08213 Text: H08200 - H08299 Text: H Index Bills and Amendments: General Index Bill History: General Index
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