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2002 SESSION

• | print version

SB 67 Settlement Agent Lien Release Act; created.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Settlement Agent Lien Release Act. Authorizes a settlement agent who has paid the obligation secured by a mortgage or deed of trust to release the lien by executing and filing a certificate of satisfaction. This procedure is available only if the settlement agent has delivered a notice of intent to release the mortgage and a copy of the payoff letter to the lien creditor and the lien creditor does not within 90 days notify the settlement agent that (i) another release has been recorded, (ii) the obligation secured by the mortgage has not been paid, or (iii) the lien creditor otherwise objects to the release of the mortgage. This optional procedure applies only to transactions involving not more than four residential dwelling units.

FULL TEXT

• 01/09/02  Senate: Presented & ordered printed, prefiled 12/28/01 025439560  pdf

AMENDMENTS

• Senate amendments

HISTORY

• 01/09/02  Senate: Presented & ordered printed, prefiled 12/28/01 025439560
• 01/09/02  Senate: Referred to Committee on Commerce and Labor
• 01/14/02  Senate: Reported from C. & L. with amendments (15-Y 0-N)
• 01/14/02  Senate: Rereferred to Courts of Justice
• 02/10/02  Senate: Passed by indefinitely in C. J. (9-Y 6-N)