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House Bill 1394


House Bill 1394

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB 1394 (Updated February 11, 2009 4:06 pm - DI 101)


Mortgage transfer and securitization disclosure. Requires a transfer of mortgage to be recorded if it is on real property for which the borrower is receiving the homestead standard deduction at the time the mortgage is issued or the transfer is made. Provides that if a lender transfers a mortgage on real property for which the borrower is receiving the homestead standard deduction at the time the mortgage is issued or the transfer is made, the lender must notify the borrower, record a mortgage securitization disclosure statement, and pay a fee. Deposits $0.50 of the fee in the recorder's record perpetuation fund and the remainder in the state general fund. Provides that the fee is $250, if the transfer involves the securitization of the mortgage with other mortgages, or $100, if the transfer is not part of a securitization with other mortgages.
Current Status:
 In Committee - first House
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