HOUSE BILL 148

File Code: Commercial Law - Consumer Protection

Sponsored By:

Delegates Benson and Conroy

Entitled:

Releases of Mortgages and Deeds of Trust - Recordation

Synopsis:

Authorizing a mortgagee or trustee to charge a reasonable fee at the commencement of a residential real property loan to cover the recordation of the release of the loan; requiring a mortgagee or trustee to record the release of a loan within 60 days after the loan is satisfied and to send a recordation notice to the party satisfied; and requiring a mortgagee or trustee to send notice about recordation procedures before October 1, 2001, to the party responsible for making satisfaction of a loan made before October 1, 2000.

History by Legislative Date

House Action

1/19

First Reading Economic Matters

1/24

Hearing 2/3 at 1:00 p.m.

1/27

Hearing cancelled

Re-assigned Commerce and Government Matters

2/2

Hearing 2/15 at 1:00 p.m.

Senate Action

No Action

Sponsored by:

Delegate Joanne C. Benson, District 24

Delegate Mary A. Conroy, District 23

Bill indexed under the following Subjects:

FEES -see also- DEVELOPMENT FEES AND TAXES

FINANCIAL INSTITUTIONS -see also- BANKS; CREDIT UNIONS; etc.

LAND RECORDS -see also- DEEDS

MORTGAGES

NOTICES

RECORDATION

RECORDS -see also- LAND RECORDS; VITAL RECORDS

Bill affects the following Statute:

Real Property

( 3-105.1 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered