265—9.9 (16) Mortgage release certificate. Pursuant to Iowa Code section 16.92, the division is charged with the administration of a system, after notification to lenders, to clear paid-off mortgages from real estate titles in Iowa by executing and filing with county recorders release certificates for mortgages that have been paid in full.
	 9.9(1) Definitions. As used in this rule, unless the context otherwise requires:
“Certificate” means the certificate of release or partial release of mortgage issued by the division.
“Claim for damages” means a claim for actual money damages against the division caused by the division’s wrongfully or erroneously, through an act of negligence, filing a certificate while division staff are acting within the scope of their office or employment.
“Effective release”  or “satisfaction”  means a release or satisfaction of mortgage pursuant to Iowa Code chapter 655.
“Mortgage” means a mortgage or mortgage lien on an interest in real property in this state given to secure a loan in an original principal amount, including any future advances, equal to or less than:
	  1. 	 $20 million for mortgages paid off by the division staff or a division closer within a division closing, unless prior written approval is obtained from the division director.
	  2. 	 $1 million for all other mortgages.
“Real estate lender or closer” means a person licensed to regularly lend moneys to be secured by a mortgage on real property in this state, a licensed real estate broker, a licensed attorney, or a participating abstractor.
	 9.9(2) Request for certificate. Applications, forms, procedures and practices for the implementation of an effective mortgage release certificate by the division pursuant to Iowa Code section 16.92 shall be provided in the staff supplements. Further, any fee to be charged for the mortgage release application shall be set by the division board upon the recommendation of the division director.
	 9.9(3) Authority to sign certificate. The division director or designee of the division director may execute and record the certificates pursuant to Iowa Code section 16.92 and this rule.
	 9.9(4) Additional remedies. In addition to any other remedy provided by law, the division may recover from the real estate lender or closer who requested the certificate all expenses incurred, and all damages including punitive or exemplary damages paid to the mortgagee or mortgage service provider, in satisfaction or resolution of a claim for damages.
[ARC 8458B, IAB 1/13/10, effective 2/17/10]