2012

A bill prefiled in the legislature seeks to ensure that the mortgagee of record, the owner or holder of the debt instrument, the trustee or beneficiary of a deed of trust or the legal representative of attorney-in-fact of any of those parties may execute a mortgage satisfaction or deed of trust release. It also seeks to establish a new procedure and form for use in the execution of a mortgage satisfaction.

The New Jersey legislature will consider a bill that revises the state’s Fair Foreclosure Act by requiring servicers to document their right to foreclose and to offer consultations on alternatives to mortgage foreclosure, as well as provide an expedited process for foreclosing abandoned properties.

The Montana Legislature pre-filed a bill that puts forth several requriements for the mainteannce of residential real estate escrow accounts.

The California Land Title Association announced the passage of AB 2303, a bill in which it had sponsored amendments to add title insurers and underwritten title companies to a list of escrow service providers under Civil Code 1946.1, which governs notice to tenants prior to the termination of their tenancy.

The General Assembly of California has adopted a new law adding requirements to the notarization of real estate documents.

The Connecticut General Assembly passed a bill that changes the fees town clerks may charge for copies of documents as well as a few other revisions.

The California State Assembly is considering an increase in the amount a mortgagee or its assignee must pay if they do not provide a certificate of discharge within a certain amount of time after the mortgage has been satisfied.

The Massachusetts Supreme Judicial Court shook the real estate industry in the state after making a series of potentially troubling decisions in the wake of the foreclosure crisis. To address the issues that remained after the court’s decision, the Massachusetts legislature worked quickly to adopt a new law to provide clarity to the real estate market and address disquieting foreclosure practices.

California adopted legislation that will, among other things, increase the fee for recording real estate instruments, as well as expanding the definition of those instruments.

A bill has been introduced in the Rhode Island legislature that would make residential mortgage fraud a criminal offense under state law and establish a statute of limitations for it and related crimes.

On July 1, the definition of settlement agent in Georgia will change, eliminating anyone who is not a lender or lawyer to participate in the settlement process.

The New Jersey legislature is considering a residential mortgage satisfaction act, placing certain requirements on mortgage holders to issue pay-off letters to facilitate the payment of residential property mortgages, clarifying who may request a pay-off letter, and providing an additional process to discharge mortgages of record.

With the governor’s signature on legislation ordering a study on the topic, the Maryland Insurance Administration will now get to work examining closing protection practices in the state.

Maryland Gov. Martin O’Malley has signed a bill that establishes procedures for affixing manufactured homes to real property and severing the manufactured home from the property.

Tennessee Gov. Bill Haslam signed a bill that makes it a crime for someone to file a lien on property without reasonable basis for doing so.

Gov. Martin O’Malley has signed a bill that allows for the option of pre-file mediation between a foreclosing party and mortgagor.

Georgia Gov. Nathan Deal signed a bill that would amend the requirements for providing notice of a foreclosure sale in the state.

Title insurers in Georgia can now issue closing protection letters for real estate transactions they insure and charge a fee for the service. Gov. Nathan Deal signed a bill approving legislation governing CPLs, which went into effect immediately.

Washington Gov. Christine Gregoire signed a bill that provides additional exemptions from the requirement that all persons who engage in escrow business be licensed escrow agents.

The Maryland General Assembly has done away with its original plan to adopt additional closing protection regulations, seeking instead a study on closing protection practices in the state.

Under a bill recently introduced in Alabama, title agents would be required to be licensed and be subject to certain education requirements.

The Indiana legislature has passed a bill that will allow interested parties to adjudicate the rights of an omitted party in a foreclosure action and provides for the expiration of a mortgage lien if it is not enforced within a certain amount of time.

The California General Assembly is considering a bill that would require lenders to follow new procedures when filing a notice of default in nonjudicial foreclosure cases.

Wyoming has become the latest state to ban private transfer fees.

A bill amending Washington, D.C.’s current mechanic’s lien law to permit a contract to file a notice of mechanic’s lien during the construction of a project and make other changes, has passed through the D.C. Council and awaits the mayor’s signature

This bill would provide that a person presenting a real property or personal property instrument to the judge of probate for recording shall present proof of the actual purchase price of property or actual value of the property, and that if proof is not presented, the privilege or license tax will be based upon the assessed value of the property and the person failing to submit the required proof shall be subject to monetary penalties for failure to comply with the law.

The Maine legislature introduced a bill that would prohibit any entity from reselling abstracts and deeds in digital form.

The Mississippi Senate passed a bill that clarifies that public access to a public record will not be diminished because components of data are stored in a certain manner.

The Missouri legislature is considering several amendments to its mechanic’s lien laws, changing requirements regarding notices required under the law.

The Minnesota legislature is considering a bill that, if passed, would exempt certain people from the state’s closing agent licensure requirements.

The Minnesota legislature is considering a bill that would provide a process for unaffixing manufactured homes from real property.

The South Carolina General Assembly ratified legislation that allows title insurers in the state to issue closing or settlement insurance and establish procedures for getting the premium charged for this new protection approved by the governor.

The General Assembly of Virginia is considering a bill that would amend the amount of recordation tax a person would have to pay when recording a deed of trust on a refinance.

The Iowa legislature is considering a bill that would adopt the Uniform Law Commission’s Revised Uniform Law on Notarial Acts.

The New Mexico legislature is considering a proposal to amend Article II of the state constitution to place the regulation of insurance companies into the hands of an elected superintendent of insurance.

The New Jersey legislature is considering a bill that would require mortgage holders to issue pay-off letters to facilitate the payment of residential property mortgages as well as additional processes to discharge them of record.

A bill that would require all title insurance producers working in the state to be residents of the state, as well as ban the use of private transfer fees, has been put before Alaska Gov. Sean Parnell.

The legislature of Washington state could be amending its escrow licensing law, adding to the definition of escrow as well as exempting licensees from the Consumer Loan Act.

The Illinois General Assembly is considering a bill that would amend the state’s Conveyancing Act.

Title agents in one state may have additional registration requirements, including submitting an affidavit affirming that the applicant has never been convicted of a crime of theft or dishonesty.

The New Mexico legislature is considering a proposal to amend Article II of the state constitution to place the regulation of insurance companies into the hands of an elected superintendent of insurance.

The Illinois General Assembly is considering a bill that would add an exception to the prohibition against a title insurance company making disbursement in connection with any escrows, settlements or closings out of a fiduciary trust account.

The General Assembly of South Carolina is considering a bill that, if passed, would allow additional parties to execute mortgage satisfactions or deed of trust releases.

The Arizona legislature has introduced a bill that, if passed, would create additional requirements for mortgage servicers involved in foreclosure proceedings.

The West Virginia legislature has introduced its version of the Uniform Real Property Electronic Recording Act, which, if passed, would allow electronic documents to be recorded in county recorders’ offices across the state.

The New Jersey legislature has introduced a bill that, if passed, would establish residential mortgage fraud as a separate crime in the state.

The Virginia General Assembly is considering a bill that, if passed, would allow attorneys, settlement agents and title insurance companies to file corrective affidavits if obvious description errors are found in a recorded deed.

A bill has been introduced in the Rhode Island legislature that would make residential mortgage fraud a criminal offense under state law and establish a statute of limitations for it and related crimes.

The Hawaii Legislature is considering a bill that will add new requirements for the title reports the title industry prepares, as well as additional penalties for not complying with these new requirements.

When the Virginia General Assembly comes back in session on Jan. 11, it will be considering a recently prefiled bill regarding foreclosure sales.

The Legislature of the State of Washington is considering a bill that would modify its foreclosure fairness act to ensure mediators’ participation.

The Illinois General Assembly has introduced a bill that would modify the state’s mortgage foreclosure laws by adding a definition of abandoned residential property, as well as requirements and procedures for an expedited judgment and sale of abandoned residential property.

The California State Assembly is considering an increase in the amount a mortgagee or its assignee must pay if they do not provide a certificate of discharge within a certain amount of time after the mortgage has been satisfied.

A bill has been introduced in the Indiana General Assembly that would add a new section of the state’s foreclosure statutes that would protect interested and omitted parties when property gets sold at foreclosure. It also shortens the time mortgages can stay in the public record after the last installment of the secured debt before becoming expired.