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. Amends § 55-66.3, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2010Committee
01/12/2010Prefiled and ordered printed; offered 01/13/10 10101555D
01/12/2010Referred to Committee for Courts of Justice
01/19/2010Assigned Courts sub: Civil
01/25/2010Subcommittee recommends reporting with amendment(s) (10-Y 0-N)
01/27/2010Reported from Courts of Justice with amendment (22-Y 0-N) (see vote tally)
01/29/2010Read first time
02/01/2010Read second time
02/01/2010Committee amendment agreed to
02/01/2010Engrossed by House as amended HB715E
02/01/2010Printed as engrossed 10101555D-E
02/02/2010Read third time and passed House BLOCK VOTE (97-Y 0-N)
02/02/2010VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/03/2010Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/03/2010Constitutional reading dispensed
02/03/2010Referred to Committee for Courts of Justice
02/17/2010Assigned Courts sub: Civil
02/22/2010Reported from Courts of Justice (15-Y 0-N) (see vote tally)
02/23/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/24/2010Read third time
02/24/2010Passed Senate (40-Y 0-N) (see vote tally)
03/02/2010Enrolled
03/02/2010Bill text as passed House and Senate (HB715ER)
03/02/2010Signed by Speaker
03/03/2010Signed by President
04/07/2010G Approved by Governor-Chapter 236 (effective 7/1/10)
04/07/2010G Acts of Assembly Chapter text (CHAP0236)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.