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2010 SESSION
HB 715 Deed of trust; allows title insurance companies authority settlement agents have to release lien.
Introduced by: Christopher K. Peace | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Releases of deed of trust. Allows certain title insurance companies to exercise the authority that settlement agents currently possess to release the lien of a deed of trust. References to "mortgage" are replaced with "deed of trust." The measure also authorizes a settlement agent to release a deed of trust lien upon written confirmation from the lien creditor that such obligation has a zero balance. The procedure for lien releases by settlement agent and title insurance companies is limited to transactions involving real estate that is either unimproved with a lien amount not exceeding $1 million or containing one to four residential dwelling units. The measure also eliminates a duplicative provision addressing a settlement agent's ability to obtain an assignment of the $500 penalty imposed for a lender's failure to release a lien within the prescribed period.
FULL TEXT
- 01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10101555D pdf
- 02/01/10 House: Printed as engrossed 10101555D-E pdf
- 03/02/10 House: Bill text as passed House and Senate (HB715ER) pdf
- 04/07/10 Governor: Acts of Assembly Chapter text (CHAP0236) pdf
AMENDMENTS
HISTORY
- 01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10101555D
- 01/12/10 House: Referred to Committee for Courts of Justice
- 01/19/10 House: Assigned Courts sub: Civil
- 01/25/10 House: Subcommittee recommends reporting with amendment(s) (10-Y 0-N)
- 01/27/10 House: Reported from Courts of Justice with amendment (22-Y 0-N)
- 01/29/10 House: Read first time
- 02/01/10 House: Read second time
- 02/01/10 House: Committee amendment agreed to
- 02/01/10 House: Engrossed by House as amended HB715E
- 02/01/10 House: Printed as engrossed 10101555D-E
- 02/02/10 House: Read third time and passed House BLOCK VOTE (97-Y 0-N)
- 02/02/10 House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
- 02/03/10 Senate: Constitutional reading dispensed
- 02/03/10 Senate: Referred to Committee for Courts of Justice
- 02/17/10 Senate: Assigned Courts sub: Civil
- 02/22/10 Senate: Reported from Courts of Justice (15-Y 0-N)
- 02/23/10 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/24/10 Senate: Read third time
- 02/24/10 Senate: Passed Senate (40-Y 0-N)
- 03/02/10 House: Enrolled
- 03/02/10 House: Bill text as passed House and Senate (HB715ER)
- 03/02/10 House: Signed by Speaker
- 03/03/10 Senate: Signed by President
- 04/07/10 Governor: Approved by Governor-Chapter 236 (effective 7/1/10)
- 04/07/10 Governor: Acts of Assembly Chapter text (CHAP0236)