Senate File 400 - Enrolled

PAG LIN



  1  1                                             SENATE FILE 400
  1  2
  1  3                             AN ACT
  1  4 RELATING TO MORTGAGE RELEASE CERTIFICATES ISSUED BY THE IOWA
  1  5    FINANCE AUTHORITY.
  1  6
  1  7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  8
  1  9    Section 1.  Section 16.92, subsection 1, Code 2007, is
  1 10 amended by adding the following new paragraph:
  1 11    NEW PARAGRAPH.  aa.  "Division board" means the board of
  1 12 directors of the title guaranty division of the Iowa finance
  1 13 authority.
  1 14    Sec. 2.  Section 16.92, subsection 1, paragraph b, Code
  1 15 2007, is amended to read as follows:
  1 16    b.  "Mortgage" means a mortgage or mortgage lien on an
  1 17 interest in real property in this state given to secure a loan
  1 18 in an original principal amount of five hundred thousand
  1 19 dollars or less equal to or less than the maximum amount as
  1 20 determined by the division board.
  1 21    Sec. 3.  Section 16.92, subsection 3, paragraph b, Code
  1 22 2007, is amended to read as follows:
  1 23    b.  A statement that the original mortgage principal was in
  1 24 an amount of five hundred thousand dollars or less equal to or
  1 25 less than the maximum amount as determined by the division
  1 26 board and adopted by the authority pursuant to chapter 17A.
  1 27    Sec. 4.  Section 16.92, subsection 8, Code 2007, is amended
  1 28 to read as follows:
  1 29    8.  APPLICATION.  This section applies only to a mortgage
  1 30 in an original principal amount of five hundred thousand
  1 31 dollars or less equal to or less than the maximum amount as
  1 32 determined by the division board and adopted by the authority
  1 33 pursuant to chapter 17A.
  1 34
  1 35
  2  1                                                             
  2  2                               JOHN P. KIBBIE
  2  3                               President of the Senate
  2  4
  2  5
  2  6                                                             
  2  7                               PATRICK J. MURPHY
  2  8                               Speaker of the House
  2  9
  2 10    I hereby certify that this bill originated in the Senate and
  2 11 is known as Senate File 400, Eighty=second General Assembly.
  2 12
  2 13
  2 14                                                             
  2 15                               MICHAEL E. MARSHALL
  2 16                               Secretary of the Senate
  2 17 Approved                , 2007
  2 18
  2 19
  2 20                                
  2 21 CHESTER J. CULVER
  2 22 Governor