Senate File 322 - Introduced



                                       SENATE FILE       
                                       BY  COMMITTEE ON JUDICIARY

                                       (SUCCESSOR TO SSB 1028)


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act allowing certain abstractors to request a mortgage
  2    release.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 1234SV 81
  5 jr/sh/8

PAG LIN



  1  1    Section 1.  Section 16.92, subsection 1, paragraph g, Code
  1  2 2005, is amended to read as follows:
  1  3    g.  "Real estate lender or closer" means a person licensed
  1  4 to regularly lend moneys to be secured by a mortgage on real
  1  5 property in this state, a licensed real estate broker, or a
  1  6 licensed attorney, or a participating abstractor.
  1  7    Sec. 2.  Section 16.92, subsection 1, Code 2005, is amended
  1  8 by adding the following new paragraph:
  1  9    NEW PARAGRAPH.  h.  "Participating abstractor" means an
  1 10 abstractor participating in the title guaranty program.
  1 11                           EXPLANATION
  1 12    This bill allows an abstractor who is participating in the
  1 13 title guaranty program to request a mortgage release from the
  1 14 title guaranty division of the Iowa finance authority.
  1 15 LSB 1234SV 81
  1 16 jr:nh/sh/8