Text: HF00460                           Text: HF00462
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 461

Partial Bill History

Bill Introduced: H.J. 511
Committee Report Issued: H.J. 620 S.J. 816
Passed House: H.J. 722
Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 331.602, Code 1999, is amended by
  1  2 adding the following new subsection:
  1  3    NEW SUBSECTION.  31A.  Record assignments and releases of
  1  4 mortgages as provided in section 558.45.
  1  5    Sec. 2.  Section 558.45, Code 1999, is amended to read as
  1  6 follows:
  1  7    558.45  FILING NOTICE OF ASSIGNMENT – NOTATION OF
  1  8 ASSIGNMENT OR RELEASE ON INDEX.
  1  9    1.  Where any mortgage, contract, or other instrument
  1 10 constituting an encumbrance upon real estate shall be is
  1 11 assigned or released by a separate instrument it shall be the
  1 12 duty of the recorder to, the following filings shall be made:
  1 13    a.  A person who sells or otherwise transfers the servicing
  1 14 of a mortgage shall, within thirty days of the transfer of
  1 15 such mortgage, file notice of the assignment of the mortgage
  1 16 with the county recorder of the county in which the underlying
  1 17 real estate is located.
  1 18    b.  Satisfaction of a mortgage shall be recorded pursuant
  1 19 to section 655.1.
  1 20    2.  Filings under subsection 1 shall be made pursuant to
  1 21 the provisions of chapter 331.
  1 22    3.  The recorder shall make a notation of filings made
  1 23 pursuant to subsection 1 in red ink on the index and cross-
  1 24 index where such instrument was originally indexed, indicating
  1 25 the nature of such assignment or release and the book and page
  1 26 where the same is recorded, or make such other record as
  1 27 authorized by chapter 331.
  1 28    4.  Failure to file notice of an assignment pursuant to
  1 29 subsection 1, paragraph "a", shall result in liquidated
  1 30 damages of one thousand dollars.  The liquidated damages,
  1 31 unless waived by the mortgagor, shall be paid to the mortgagor
  1 32 via civil suit filed by the mortgagor.  The mortgagor may also
  1 33 recover the costs of suit, including attorney fees.
  1 34    Sec. 3.  EFFECTIVE DATE AND APPLICABILITY.  This Act takes
  1 35 effect on October 1, 1999, and applies to a sale or transfer
  2  1 of a mortgage, or a satisfaction of a mortgage which occurs on
  2  2 or after October 1, 1999.  
  2  3 HF 461
  2  4 jj/jg/25

Text: HF00460                           Text: HF00462
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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