Deed of trust; allows title insurance companies authority settlement agents have to release lien. (HB715)
Introduced By
Del. Chris Peace (R-Mechanicsville)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
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. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/12/2010 | Committee |
01/12/2010 | Prefiled and ordered printed; offered 01/13/10 10101555D |
01/12/2010 | Referred to Committee for Courts of Justice |
01/19/2010 | Assigned Courts sub: Civil |
01/25/2010 | Subcommittee recommends reporting with amendment(s) (10-Y 0-N) |
01/27/2010 | Reported from Courts of Justice with amendment (22-Y 0-N) (see vote tally) |
01/29/2010 | Read first time |
02/01/2010 | Read second time |
02/01/2010 | Committee amendment agreed to |
02/01/2010 | Engrossed by House as amended HB715E |
02/01/2010 | Printed as engrossed 10101555D-E |
02/02/2010 | Read third time and passed House BLOCK VOTE (97-Y 0-N) |
02/02/2010 | VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally) |
02/03/2010 | Read third time and passed House BLOCK VOTE (98-Y 0-N) |
02/03/2010 | Constitutional reading dispensed |
02/03/2010 | Referred to Committee for Courts of Justice |
02/17/2010 | Assigned Courts sub: Civil |
02/22/2010 | Reported from Courts of Justice (15-Y 0-N) (see vote tally) |
02/23/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/24/2010 | Read third time |
02/24/2010 | Passed Senate (40-Y 0-N) (see vote tally) |
03/02/2010 | Enrolled |
03/02/2010 | Bill text as passed House and Senate (HB715ER) |
03/02/2010 | Signed by Speaker |
03/03/2010 | Signed by President |
04/07/2010 | G Approved by Governor-Chapter 236 (effective 7/1/10) |
04/07/2010 | G Acts of Assembly Chapter text (CHAP0236) |