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2006 SESSION

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SB 433 Mortgage satisfaction; provisions.

Introduced by: Jeannemarie D. Davis | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Mortgage satisfaction.  Imports into the Virginia Code provisions of the Uniform Residential Mortgage Satisfaction Act relating to definitions, notifications, rescinding erroneously recorded certificates of satisfaction, requirements on secured creditors, and the form and effect of satisfaction. Current Code provisions relating to payoff statements, mortgage satisfaction via settlement agents and court proceedings, and penalties for errors or omissions in satisfaction procedures are retained.  The Virginia Information Technologies Agency ("VITA") is required to submit a project budget to the Compensation Board and the Compensation Board is authorized to pay VITA for services provided.  The bill was passed by the 2005 Session, but was required to be reenacted.

SUMMARY AS PASSED:

Mortgage satisfaction.  Imports into the Virginia Code provisions of the Uniform Residential Mortgage Satisfaction Act relating to definitions, notifications, rescinding erroneously recorded certificates of satisfaction, requirements on secured creditors, and the form and effect of satisfaction. Current Code provisions relating to payoff statements, mortgage satisfaction via settlement agents and court proceedings, and penalties for errors or omissions in satisfaction procedures are retained.  The bill was passed by the 2005 Session, but was required to be reenacted.

SUMMARY AS PASSED SENATE:

Mortgage satisfaction. Imports into the Virginia Code provisions of the Uniform Residential Mortgage Satisfaction Act relating to definitions, notifications, rescinding erroneously recorded certificates of satisfaction, requirements on secured creditors, and the form and effect of satisfaction. Current Code provisions relating to payoff statements, mortgage satisfaction via settlement agents and court proceedings, and penalties for errors or omissions in satisfaction procedures are retained. The bill was passed by the 2005 Session, but was required to be reenacted.

The bill also provides that the Compensation Board shall pay the Virginia Information Technologies Agency for the development of security standards and uniform standards for the electronic recording of land record documents. The fees shall be paid from the Technology Trust Fund, and shall not exceed $50,000.

SUMMARY AS INTRODUCED:

Mortgage satisfaction. Imports into the Virginia Code provisions of the Uniform Residential Mortgage Satisfaction Act relating to definitions, notifications, rescinding erroneously recorded certificates of satisfaction, requirements on secured creditors, and the form and effect of satisfaction. Current Code provisions relating to payoff statements, mortgage satisfaction via settlement agents and court proceedings, and penalties for errors or omissions in satisfaction procedures are retained. The bill was passed by the 2005 Session, but was required to be reenacted.