92nd General Assembly
Status of SB1291
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   New Act                                                                     

        Creates the Mortgage Assignment Recording Act. Provides  that  it      
   is the duty of an assignee of a mortgage on residential real estate to      
   record  the  assignment of the mortgage within 30 days after the first      
   mortgage payment is due and payable to the assignee. Provides that, if      
   the assignee fails to  record  the  assignment  within  30  days,  the      
   assignee  forfeits all accrued interest on the mortgage after the date      
   of the assignment, and if the interest is paid to the assignee by  the      
   mortgagor,  the  interest  shall  be  returned  to  the mortgagor with      
   interest at the interest rate of the subject mortgage  together   with      
   attorney's  fees  and  costs,  after  written demand is made. Provides      
   that, before filing an action,  the  mortgagor  shall  give  30  days'      
   written  notice  to  the  assignee  demanding  the  recording  of  the      
   assignment.  Provides  that  the  assignee  may avoid penalties if the      
   assignee records the assignment within  30  days  of  receipt  of  the      
   notice. Contains provisions regarding existing mortgage assignments.        
   FEB-22-2001  S  FIRST READING                                                  
   FEB-22-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               FIN INST              
   MAR-08-2001  S       TO SUBCOMMITTEE                                           
   MAR-08-2001  S                   COMMITTEE               FIN INST              
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary