Text: H09107                            Text: H09109
Text: H09100 - H09199                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

House Amendment 9108

Amendment Text

PAG LIN
  1  1    Amend House File 2373, as amended, passed, and
  1  2 reprinted by the House, as follows:
  1  3    #1.  By striking page 1, line 1, through page 3,
  1  4 line 18.
  1  5    #2.  Page 3, by inserting after line 27 the
  1  6 following:
  1  7    "Sec.    .  Section 16.92, subsection 1, paragraph
  1  8 f, subparagraph (4), Code Supplement 1999, is amended
  1  9 to read as follows:
  1 10    (4)  If after payment of the unpaid balance of the
  1 11 loan secured by the mortgage, the mortgage continues
  1 12 to secure any unpaid obligation due the mortgagee or
  1 13 any unfunded commitment by the mortgagor to the
  1 14 mortgagee, the legal description of the property that
  1 15 will continue to be subject to the mortgage, and the
  1 16 legal description of the property that will be
  1 17 released from the mortgage.
  1 18    Sec.    .  Section 16.92, subsection 2, paragraph
  1 19 a, subparagraph (1), subparagraph subdivision (b),
  1 20 Code Supplement 1999, is amended to read as follows:
  1 21    (b)  The statement contains the legal description
  1 22 of the property to be released from the mortgage and
  1 23 the legal description of the property that will
  1 24 continue to be subject to the mortgage.
  1 25    Sec.    .  Section 16.92, subsection 3, paragraph
  1 26 d, subparagraph (2), Code Supplement 1999, is amended
  1 27 to read as follows:
  1 28    (2)  A statement that the certificate is a partial
  1 29 release of the mortgage, and the legal description of
  1 30 the property that will be released from the mortgage,
  1 31 and the legal description of the property that will
  1 32 continue to be subject to the mortgage.
  1 33    Sec.    .  Section 16.92, subsection 7, Code
  1 34 Supplement 1999, is amended to read as follows:
  1 35    7.  PRIOR MORTGAGES.
  1 36    a.  If the real estate lender or closer has
  1 37 notified the division that a mortgage has been paid in
  1 38 full by someone other than the real estate lender or
  1 39 closer, or was paid by the real estate lender or
  1 40 closer under a previous transaction, and an effective
  1 41 release has not been filed of record, the division may
  1 42 execute and record a certificate of release without
  1 43 certification by the real estate lender or closer that
  1 44 payment was made pursuant to a payoff statement and
  1 45 the date payment was received by the mortgagee.  A
  1 46 certificate of release filed pursuant to this
  1 47 subsection is subject to the requirements of
  1 48 subsection 2, paragraph "c".
  1 49    b.  For purposes of this subsection, an effective
  1 50 release has not been filed of record if there appears
  2  1 that a mortgagee in the record chain of title to the
  2  2 mortgage has not, either on the mortgagee's own behalf
  2  3 or by the mortgagee's duly appointed servicer or
  2  4 attorney in fact as established of record by a filed
  2  5 servicing agreement or power of attorney, filed of
  2  6 record either an assignment of the mortgage to another
  2  7 mortgagee in the record chain of title to the mortgage
  2  8 or a release of the mortgagee's interest in the
  2  9 mortgage.  For the purposes of this subsection and
  2 10 subsection 2, paragraph "c", "mortgage servicer"
  2 11 includes a mortgagee for which an effective release
  2 12 has not been filed of record as provided in this
  2 13 paragraph."
  2 14    #3.  Page 5, by inserting after line 2 the
  2 15 following:
  2 16    "Sec. ___.  STUDY.
  2 17    1.  The treasurer of state or the designee of the
  2 18 treasurer of state, the auditor of state or the
  2 19 designee of the auditor of state, the director of the
  2 20 department of economic development or the designee of
  2 21 the director, and the executive director of the Iowa
  2 22 finance authority or the designee of the executive
  2 23 director shall submit a joint report to the general
  2 24 assembly regarding proposals for a new allocation
  2 25 method for the state ceiling allocation under section
  2 26 7C.4A, subsection 5.  The report shall include, but
  2 27 shall not be limited to, a competitive rating system
  2 28 for applications and a method for allocating the state
  2 29 ceiling to political subdivisions of different sizes.
  2 30 The report shall be submitted to the general assembly
  2 31 by December 1, 2000.
  2 32    Sec. ___.  STATE CEILING ALLOCATION.  For the
  2 33 calendar year beginning January 1, 2001, applications
  2 34 for the state ceiling allocation under section 7C.4A,
  2 35 subsection 5, shall not be approved prior to March 1."
  2 36    #4.  Title page, line 2, by inserting after the
  2 37 word "letters" the following:  "amending provisions
  2 38 regarding mortgage release certificates,".
  2 39    #5.  By renumbering as necessary.  
  2 40 HF 2373S
  2 41 tm/cc/26
     

Text: H09107                            Text: H09109
Text: H09100 - H09199                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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