SB433: Mortgage satisfaction; provisions.

Introduced By

Sen. Jeannemarie Devolites Davis (R-Vienna)

Jeannemarie Devolites Davis (R-Vienna)
Served: 2004–

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Status

04/19/2006: enacted
View Entire History

Summary

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.   View Full Text »