Bill Status of SB2611 94th General Assembly
Short Description: CONVEYANCES-RESIDENCE MTGE REQ
Sen. Terry Link - Arthur J. Wilhelmi - Jacqueline Y. Collins
| 1/9/2007||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Conveyances Act. Provides that every mortgage or deed of trust in the nature of a mortgage relating to the financing of residential real estate must include the name of the financial institution providing the financing and the loan officer who signed the document, the name of the residential mortgage licensee receiving compensation relating to the financing, the name of the loan originator who signed the mortgage loan application, and the name of the real estate appraiser who provided the appraisal on which the financing was based. Provides that the county recorder may not record a mortgage if the required information is not provided. Provides that the failure to comply with the new requirements does not invalidate the recording of a mortgage or trust deed or impair the rights of the mortgagee or beneficiary of the trust deed.
Senate Committee Amendment No. 2
Further amends the Conveyances Act. The requirement for the disclosure, prior to recording any conveyance, to the recorder of the names of the residential mortgage licensee and the appraiser who are involved in the financing of the purchase is replaced by a requirement for the disclosure of the State professional license numbers of those persons. Provides that a real estate appraiser's State professional license number shall be provided, when an appraisal is a factor on which the financing is based. Deletes subsection that provides that a county recorder shall not record the mortgage of any financial institution or residential mortgage licensee if the information supplied does not meet the requirements of this Section, such as the names of the lender, loan officer signing the mortgage or trust deed, residential mortgage licensee, and real estate appraiser who provided the appraisal upon which the financing was based.
|Date||Chamber|| Action|| 1/20/2006||Senate||Filed with Secretary by Sen. Terry Link|| 1/20/2006||Senate||First Reading|| 1/20/2006||Senate||Referred to Rules|| 1/20/2006||Senate||Added as Chief Co-Sponsor Sen. Arthur J. Wilhelmi|| 1/31/2006||Senate||Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins|| 2/1/2006||Senate||Assigned to Financial Institutions|| 2/7/2006||Senate||Senate Committee Amendment No. 1 Filed with Secretary by Sen. Terry Link|| 2/7/2006||Senate||Senate Committee Amendment No. 1 Referred to Rules|| 2/8/2006||Senate||Senate Committee Amendment No. 1 Rules Refers to Financial Institutions|| 2/9/2006||Senate||Senate Committee Amendment No. 1 Postponed - Financial Institutions|| 2/9/2006||Senate||Postponed - Financial Institutions|| 2/14/2006||Senate||Senate Committee Amendment No. 2 Filed with Secretary by Sen. Terry Link|| 2/14/2006||Senate||Senate Committee Amendment No. 2 Referred to Rules|| 2/15/2006||Senate||Senate Committee Amendment No. 2 Rules Refers to Financial Institutions|| 2/16/2006||Senate||Senate Committee Amendment No. 1 Held in Financial Institutions|| 2/16/2006||Senate||Senate Committee Amendment No. 2 Adopted|| 2/16/2006||Senate||Do Pass as Amended Financial Institutions; 009-000-000|| 2/16/2006||Senate||Placed on Calendar Order of 2nd Reading February 22, 2006|| 2/17/2006||Senate||Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Rules|| 6/4/2006||Senate||Pursuant to Senate Rule 3-9(b) / Referred to Rules|| 1/9/2007||Senate||Session Sine Die|