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 amountof five hundred thousand 1 11 dollars or lessequal 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 amountof five hundred thousand dollars or lessequal 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 amountof five hundred thousand 1 23 dollars or lessequal 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