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2009 SESSION

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SB 888 Deed of trust; assignment of penalty for failure to release.

Introduced by: Ryan T. McDougle | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Release of deed of trust; assignment of penalty.  Prohibits settlement agents and real estate attorneys from facilitating an assignment, to any third party designated by them, of their client's right to the $500 penalty levied on lenders that fail to timely deliver a certificate of satisfaction releasing a deed of trust. This bill is identical to HB 2291.

SUMMARY AS PASSED SENATE:

Release of deed of trust; assignment of penalty. Prohibits a settlement agent and a real estate attorney from facilitating an assignment, to a third party designated by the settlement agent or attorney, of their client's right to the $500 penalty levied on lenders that fail to timely deliver a certificate of satisfaction releasing a deed of trust.

SUMMARY AS INTRODUCED:

Release of deed of trust; assignment of penalty.  Prohibits settlement agents and real estate attorneys from facilitating an assignment, to themselves or any person they designate, of their client's right to the $500 penalty levied on lenders that fail to timely deliver a certificate of satisfaction releasing a deed of trust.