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 amountof five hundred thousand 1 19 dollars or lessequal 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 amountof five hundred thousand dollars or lessequal 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 amountof five hundred thousand 1 31 dollars or lessequal 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