Authorizing a mortgagor or grantor to refinance the indebtedness secured by a first mortgage or deed of trust at a lower interest rate without obtaining permission from the holder of a junior lien under specified circumstances; providing that a refinance mortgage meeting the requirements of the Act shall have, on recordation, the same lien priority as the mortgage or deed of trust it replaces; requiring a specified statement to be included on a refinance mortgage; etc.
Bill File Type: Regular
Effective Date(s): October 1, 2013
( 3-203, 7-112 )
Last Updated: 2/3/2020 2:27 PM