House Study Bill 200 



                                       SENATE/HOUSE FILE       
                                       BY  (PROPOSED IOWA FINANCE
                                            AUTHORITY BILL)


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

                                      A BILL FOR

  1 An Act relating to mortgage release certificates issued by the
  2    Iowa finance authority.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 1302DP 82
  5 tm/sh/8

PAG LIN



  1  1    Section 1.  Section 16.92, subsection 1, Code 2007, is
  1  2 amended by adding the following new paragraph:
  1  3    NEW PARAGRAPH.  aa.  "Division board" means the board of
  1  4 directors of the title guaranty division of the Iowa finance
  1  5 authority.
  1  6    Sec. 2.  Section 16.92, subsection 1, paragraph b, Code
  1  7 2007, is amended to read as follows:
  1  8    b.  "Mortgage" means a mortgage or mortgage lien on an
  1  9 interest in real property in this state given to secure a loan
  1 10 in an original principal amount of five hundred thousand
  1 11 dollars or less equal to or less than the maximum amount as
  1 12 determined by the division board.
  1 13    Sec. 3.  Section 16.92, subsection 3, paragraph b, Code
  1 14 2007, is amended to read as follows:
  1 15    b.  A statement that the original mortgage principal was in
  1 16 an amount of five hundred thousand dollars or less equal to or
  1 17 less than the maximum amount as determined by the division
  1 18 board and adopted by the authority pursuant to chapter 17A.
  1 19    Sec. 4.  Section 16.92,  subsection 8, Code 2007, is
  1 20 amended to read as follows:
  1 21    8.  APPLICATION.  This section applies only to a mortgage
  1 22 in an original principal amount of five hundred thousand
  1 23 dollars or less equal to or less than the maximum amount as
  1 24 determined by the division board and adopted by the authority
  1 25 pursuant to chapter 17A.
  1 26                           EXPLANATION
  1 27    This bill relates to mortgage release certificates issued
  1 28 by the Iowa finance authority.
  1 29    Currently, the title guaranty division of the Iowa finance
  1 30 authority may issue mortgage release certificates on mortgages
  1 31 with an original principal amount of $500,000 or less.  The
  1 32 bill changes the original principal amount of $500,000 to an
  1 33 amount equal to or less than the maximum amount as determined
  1 34 by the board of directors of the title guaranty division and
  1 35 adopted by rule by the Iowa finance authority.
  2  1 LSB 1302DP 82
  2  2 tm:sc/sh/8