Text: HSB00641                          Text: HSB00643
Text: HSB00600 - HSB00699               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index



House Study Bill 642

Bill Text

PAG LIN
  1  1    Section 1.  Section 16.91, subsection 7, Code 1999, is
  1  2 amended to read as follows:
  1  3    7.  The An attorney rendering a title opinion or
  1  4 participating abstractor shall be authorized to issue a title
  1  5 guaranty certificate subject to the rules of the authority.
  1  6    Sec. 2.  Section 16.92, subsection 1, paragraph g, Code
  1  7 Supplement 1999, is amended to read as follows:
  1  8    g.  "Real estate lender or closer" means a person licensed
  1  9 to regularly lend moneys to be secured by a mortgage on real
  1 10 property in this state, a licensed real estate broker, or a
  1 11 licensed attorney, or a participating abstractor.
  1 12    Sec. 3.  Section 16.92, subsection 7, Code Supplement 1999,
  1 13 is amended to read as follows:
  1 14    7.  PRIOR MORTGAGES.
  1 15    a.  If the real estate lender or closer has notified the
  1 16 division that a mortgage has been paid in full by someone
  1 17 other than the real estate lender or closer, or was paid by
  1 18 the real estate lender or closer under a previous transaction,
  1 19 and an effective release has not been filed of record, the
  1 20 division may execute and record a certificate of release
  1 21 without certification by the real estate lender or closer that
  1 22 payment was made pursuant to a payoff statement and the date
  1 23 payment was received by the mortgagee.  A certificate of
  1 24 release filed pursuant to this subsection is subject to the
  1 25 requirements of subsection 2, paragraph "c".
  1 26    b.  For purposes of this subsection, an effective release
  1 27 has not been filed of record if there appears that a mortgagee
  1 28 in the record chain of title to the mortgage has not, either
  1 29 on the mortgagee's own behalf or by the mortgagee's duly
  1 30 appointed servicer or attorney in fact as established of
  1 31 record by a filed servicing agreement or power of attorney,
  1 32 filed of record either an assignment of the mortgage to
  1 33 another mortgagee in the record chain of title to the mortgage
  1 34 or a release of the mortgagee's interest in the mortgage.  For
  1 35 the purposes of this subsection and subsection 2, paragraph
  2  1 "c", "mortgage servicer" includes a mortgagee for which an
  2  2 effective release has not been filed of record as provided in
  2  3 this paragraph.  
  2  4                           EXPLANATION 
  2  5    This bill relates to the title guaranty program of the Iowa
  2  6 finance authority and mortgage release certificates.
  2  7    The bill provides that a participating abstractor is also
  2  8 authorized to issue a title guaranty certificate under the
  2  9 rules of the authority.
  2 10    The bill provides that the term "real estate lender or
  2 11 closer" shall include participating abstractors.
  2 12    The bill provides that, in relation to mortgage release
  2 13 certificates and prior mortgages, an effective release has not
  2 14 been filed of record if it appears that a mortgagee in the
  2 15 record chain of title to the mortgage has not, either on the
  2 16 mortgagee's own behalf or by the mortgagee's duly appointed
  2 17 servicer or attorney in fact as established of record by a
  2 18 filed servicing agreement or power of attorney, filed of
  2 19 record either an assignment of the mortgage to another
  2 20 mortgagee in the record chain of title to the mortgage or a
  2 21 release of the mortgagee's interest in the mortgage.  The bill
  2 22 provides that in such cases, the term "mortgage servicer"
  2 23 includes a mortgagee for which an effective release has not
  2 24 been filed of record.  
  2 25 LSB 5907HC 78
  2 26 tm/as/5
     

Text: HSB00641                          Text: HSB00643
Text: HSB00600 - HSB00699               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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