Introduced
by
To reduce from 90 days to seven days the time a mortgagee (the mortgage holder, including banks, mortgage companies, etc.) has to file a discharge of mortgage with the register of deeds. The bill would also increase from $100 to $1,000 the amount a mortgagee who fails to file a discharge within that time may be required to pay the borrower. Under current law, and under the bill, a mortgagee may also be required to pay to the borrower all other actual damages caused by the failure to provide a discharge as required.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that does not require the mortgage discharge to be filed within seven days, but instead within 60 days (vs. 90 days in the current law).
The substitute passed by voice vote
Amendment offered
by
To clarify that the discharge is considered filed when it is recieved by the register of deeds, not when it is actually recorded.
The amendment passed by voice vote
Amendment offered
by
To allow a borrower to also recover reasonable attorney fees and costs associated with bringing an action against a mortgagee who refuses or neglects to file the discharge of a mortgage within the time required under the law, in addition to the $1,000 fine proposed by the bill.
The amendment failed by voice vote
Passed in the House 103 to 0 (details)
To reduce from 90 days to 60 days the time a mortgagee (the mortgage holder, including banks, mortgage companies, etc.) has to file a discharge of mortgage with the register of deeds. The bill would also increase from $100 to $1,000 the amount a mortgagee who fails to file a discharge within that time may be required to pay the borrower. Under current law, and under the bill, a mortgagee may also be required to pay to the borrower all other actual damages caused by the failure to provide a discharge as required.
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
To reduce from 90 days to 60 days the time a mortgagee (the mortgage holder, including banks, mortgage companies, etc.) has to file a discharge of mortgage with the register of deeds. The bill would also increase from $100 to $1,000 the amount a mortgagee who fails to file a discharge within that time may be required to pay the borrower. Under current law, and under the bill, a mortgagee may also be required to pay to the borrower all other actual damages caused by the failure to provide a discharge as required.
