Senate
File
527
-
Introduced
SENATE
FILE
527
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
SF
313)
A
BILL
FOR
An
Act
relating
to
evidence
of
title
by
state
banks
and
credit
1
unions
for
certain
loans.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
2099SV
(2)
88
gh/rn
S.F.
527
Section
1.
Section
524.905,
Code
2019,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
5.
Evidence
of
title.
State
banks,
3
when
loaning
for
the
purposes
of
acquisition
or
refinance
4
of
acquisition
when
a
new
mortgage,
deed
of
trust,
or
other
5
similar
instrument
is
filed,
may
evidence
title
with
any
of
the
6
following:
7
a.
A
written
legal
opinion
prepared
by
an
attorney
admitted
8
to
practice
law
in
the
state
where
the
real
property
is
9
located.
10
b.
A
title
guaranty
certificate
issued
by
the
title
guaranty
11
division
of
the
Iowa
finance
authority.
12
c.
A
commercial
title
insurance
policy
describing
any
liens
13
and
insuring
title
to
the
real
property
and
the
validity
and
14
enforceability
of
the
mortgage,
deed
of
trust,
or
other
similar
15
instrument
as
a
lien
on
the
real
property.
16
Sec.
2.
Section
533.315,
Code
2019,
is
amended
by
adding
the
17
following
new
subsection:
18
NEW
SUBSECTION
.
12.
Evidence
of
title.
State
credit
19
unions,
when
loaning
for
the
purposes
of
acquisition
or
20
refinance
of
acquisition
when
a
new
mortgage,
deed
of
trust,
or
21
other
similar
instrument
is
filed,
may
evidence
title
with
any
22
of
the
following:
23
a.
A
written
legal
opinion
prepared
by
an
attorney
admitted
24
to
practice
law
in
the
state
where
the
real
property
is
25
located.
26
b.
A
title
guaranty
certificate
issued
by
the
title
guaranty
27
division
of
the
Iowa
finance
authority.
28
c.
A
commercial
title
insurance
policy
describing
any
liens
29
and
insuring
title
to
the
real
property
and
the
validity
and
30
enforceability
of
the
mortgage,
deed
of
trust,
or
other
similar
31
instrument
as
a
lien
on
the
real
property.
32
EXPLANATION
33
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
34
the
explanation’s
substance
by
the
members
of
the
general
assembly.
35
-1-
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2099SV
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88
gh/rn
1/
2
S.F.
527
This
bill
provides
that
state
banks
and
state
credit
unions,
1
when
loaning
for
the
purposes
of
acquisition
or
refinance
2
of
acquisition
when
a
new
mortgage,
deed,
or
other
similar
3
instrument
is
filed,
may
evidence
title
with
a
written
legal
4
opinion
from
an
attorney
admitted
to
practice
law
in
the
state
5
where
the
property
is
located,
a
title
guaranty
certificate
6
issued
by
the
title
guaranty
division
of
the
Iowa
finance
7
authority,
or
a
commercial
title
insurance
policy
insuring
8
title
to
the
property
and
the
validity
of
the
new
instrument
as
9
a
lien
on
the
property.
10
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2099SV
(2)
88
gh/rn
2/
2