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House passes bill to speed reconveyance and release of mortgages with 71‑0 vote
Summary
House Bill 202, which allows the 30‑ and 60‑day waiting periods in reconveyance/release procedures to run concurrently and permits 'satisfactory evidence' of payment, passed the House 71‑0 and will be referred to the Senate.
Representative Hatch explained the two amendments he offered to House Bill 202 would clarify procedures title agents must follow before issuing a reconveyance or release of mortgage and would permit "satisfactory or sufficient evidence" that an obligation has been paid rather than requiring a cancelled check or voucher. He said the amendments were requested by the financial industry to expedite records and prevent paid mortgages from lingering of record.
The sponsor said the change lets the current 30‑day and 60‑day periods run concurrently so once an obligation is satisfied a title agent can contact the beneficiary and, if the beneficiary does not respond and satisfactory evidence exists, the reconveyance may be issued promptly. "This will help expedite that records process," the sponsor said, describing it as especially important amid a refinance boom.
After summations were waived, the House voted on HB202 as amended. The clerk recorded the result: the bill received 71 yes votes, 0 no votes and will be referred to the Senate for further consideration.
