SENATE BILL 678

Sponsored By:

Senator Gladden

Entitled:

Real Property - Mortgage or Deed of Trust - Enforcement of Release

Synopsis:

Establishing a 45 day period after a loan secured by a mortgage or deed of trust has been paid in full for the holder to take action for the release and recordation of the satisfaction of the mortgage or deed of trust; requiring the holder, in an action where the borrower prevails in requiring delivery of a release, to pay the costs and expenses of the action, including reasonable attorney's fees; and providing specified exemptions from paying specified costs.

History by Legislative Date

Senate Action

2/14

First Reading Senate Rules

2/20

Re-referred Judicial Proceedings

Hearing 3/18 at 1:00 p.m.

3/24

Favorable Report by Judicial Proceedings

Favorable Report Adopted

Second Reading Passed

3/25

Third Reading Passed (46-0)

4/4

Returned Passed

5/22

Governor vetoed - Cross-filed bill was signed

House Action

3/25

First Reading House Rules and Executive Nominations

4/2

Re-referred Environmental Matters

Hearing 4/3 at 1:00 p.m.

4/5

Favorable Report by Environmental Matters

4/1

Favorable Report Adopted

Second Reading Passed

4/2

Third Reading Passed (134-0)

Bill indexed under the following Subjects:

CIVIL ACTIONS -see also- SMALL CLAIMS

COURT COSTS

LOANS -see also- MORTGAGES

MORTGAGES

RECORDATION

Bill affects the following Statutes:

Financial Institutions

( 11-501 , 11-502 )

Real Property

( 3-105.1 )

Documents:

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

Fiscal Note: Available (PDF)

Amendments: None offered

Roll Call Votes (Legislative dates are shown):

Senate

March 25, 2003: Third Reading Passed (46-0)

House

April 2, 2003: Third Reading Passed (134-0)