Oklahoma 2024 Regular Session

Oklahoma House Bill HB4151 Compare Versions

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	30	+	April 1, 2024
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3	34		BILL NO. 4151 By: Schreiber, Hefner, and
4	35		Lepak of the House
5	36
6	37		and
7	38
8	39		Rader of the Senate
9		-
10		-
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17	45		An Act relating to insurance; amending 36 O.S. 2021,
18	46		Section 5008, which relates to release of mortgage
19	47		affidavit; providing that a title insurance company
20	48		may not charge a fee for the filing of a release of
21	49		mortgage affidavit; and providing an effective date.
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27		-
28		-	SUBJECT: Insurance
29		-
30	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
31		-
32	56		SECTION 1. AMENDATORY 36 O.S. 2021, Section 5008, is
33	57		amended to read as follows:
34		-
35	58		Section 5008. A. As used in this section:
36		-
37	59		1. "Mortgage" means a contract lien on an interest in real
38	60		property;
39		-
40	61		2. "Mortgagee" means:
41		-
42	62		a. the grantee of a mortgage,
43		-
44	63		b. if a mortgage has been assigned of record, the last
45	64		person or entity to whom the mortgage or judgment lien
46		-	has been assigned of record, or ENR. H. B. NO. 4151 Page 2
	65	+	has been assigned of record, or
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48	93		c. if a mortgage is serviced by a mo rtgage servicer, the
49	94		mortgage servicer;
50		-
51	95		3. "Mortgage servicer" means the last person or entity to whom
52	96		a mortgagor has been instructed by a mortgagee to send payments for
53	97		the loan secured by a mortgage or judgment lien. A person or entity
54	98		transmitting a payoff statement is considered the mortgage servicer
55	99		for the mortgage or judgment lien described in the payoff statement;
56		-
57	100		4. "Mortgagor" means the grantor of a mortgage;
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59	101		5. "Payoff statement" means a statement of the amount of:
60		-
61	102		a. the unpaid balance of a loan secured by a mortgage or
62	103		judgment lien, including principal, interest, and
63	104		other charges properly assessed under the loan
64	105		documentation of the mortgage or judgment lien, and
65		-
66	106		b. interest on a per diem basis for the unpaid balance;
67	107		and
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69	108		6. "Title insurance company" means a corporation or other
70	109		business entity authorized and licensed to transact business of
71	110		insuring titles to interests in real property in this state.
72		-
73	111		B. This section applies only to a mortgage or judgment lien on
74	112		all real property includ ing commercial or agriculture or a one - to
75	113		four-family residence, including a residential unit in a con dominium
76	114		regime.
77		-
78	115		C. If a mortgagee or judgment lienholder fails to execute and
79	116		deliver a release of mortgage or judgment lien to the mortgagor or
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80	144		designated agent of the mortgagor within sixty (60) days after the
81	145		date of receipt of payment of the mortgage by the mortgagee or
82	146		judgment lienholder in accordance with a payoff statement furnished
83	147		by the mortgagee or judgment lienholder or its mortgage servicer , an
84	148		authorized officer of a title insurance company or a duly appointed
85	149		agent of the title insurance c ompany, on behalf of the mortgagor or
86	150		a transferee of the mortgagor who acquired title to the property
87	151		described in the mortgage, may execute and record an affidavit in
88	152		the real property records of each county in which the mortgage or
89	153		judgment lien was rec orded. The written signature of the agent of
90	154		the title insurance company or attorney shall appear on the
91		-	affidavit. An authorized officer of a title ~~insurance~~ company or a ~~ENR. H. B. NO. 4151 Page 3~~
	155	+	affidavit. An authorized officer of a title in surance company or a
92	156		duly appointed agent of the title insurance company shall not
93		-	require a mortgagor or a judgment debtor to pay a fee associated
94		-	with the affidavit referenced in this subsection.
95		-
	157	+	require a mortgagor or a judgement debtor to pay a fee associated
	158	+	with the affidavit referenced in this paragraph.
96	159		D. An affidavit executed under this section shall state that:
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98	160		1. The affiant is an authorized officer or a duly appointed
99	161		agent of a title insurance company;
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101	162		2. The affidavit is made on behalf of the mortgagor or a
102	163		transferee of the mortgagor who acquired title to the property
103	164		described in the mortgage;
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105	165		3. The mortgagee or judgment lienholder provided a payoff
106	166		statement with respect to the loan secured by the mortgage or
107	167		judgment lien;
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109	195		4. The affiant has ascertained that the mortgagee or judgment
110	196		lienholder has received payment of the loan secured by the mortgage
111	197		or judgment lien in accordance with the payoff statement, as
112	198		evidenced by:
113		-
114	199		a. a bank check, certif ied check, cashier's check, escrow
115	200		account check from the title company or title
116	201		insurance agent or attorney trust account check that
117	202		has been negotiated by the mortgagee or judgment
118	203		lienholder,
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120	204		b. wire transfer, or
121		-
122	205		c. another documentary evidence of the r eceipt of payment
123	206		by the mortgagee or judgment lienholder;
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125	207		5. More than sixty (60) days have elapsed since the date
126	208		payment was received by the mortgagee or judgment lienholder;
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128	209		6. The title insurance company or its duly appointed agent has
129	210		given the mortgagee or judgment lienholder at least fifteen (15)
130	211		days' notice in writing by certified mail, return receipt requested,
131	212		of its intention to execute and record an affidavit in accordance
132	213		with this section, with a copy of the proposed affidavit attached to
133	214		the written notice; and
134		-	ENR. H. B. NO. 4151 Page 4
135	215		7. The mortgagee or judgment lienholder has not responded in
136	216		writing to the notification at least fifteen (15) days before the
137	217		affidavit is recorded.
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139	245		E. The affidavit must include the names of the mortgagor and
140	246		the mortgagee or judgment lienholder, the date of the mortgage, the
141	247		legal description of the property, and the book and page or clerk's
142	248		document number of the real property records where the mortgage or
143	249		lien and/or modification is recorded, together with similar
144	250		information for a recorded assignment of the mortgage or judgment
145	251		lien.
146		-
147	252		F. The affiant shall attach to the affidavit a photostatic
148	253		copy, certified by the affiant as a true copy of the original
149	254		document, of:
150		-
151	255		1. The documentary evidence that payment has been received by
152	256		the mortgagee or judgment lienholder, including the endorsement of
153	257		the mortgagee or judgment lienholder of a negotiated check if paid
154	258		by check or proof of a wire transfer if paid by wire. The bank
155	259		account number and routing number on the check or proof of wire
156	260		transfer may be redacted by the filer; and
157		-
158	261		2. The payoff statement.
159		-
160	262		G. An affidavit that is executed and recorded as provided by
161	263		this section shall operate as a release of the mortgage or judgment
162	264		lien described in the affidavit.
163		-
164	265		H. The county clerk shall index the affidavit against the real
165	266		property described in the mortgage or judgment lien and the
166	267		affidavit.
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168	295		I. A person who knowingly causes an affidavit with false
169	296		information to be executed and recorded under this section is liable
170	297		for the penalties for filing a false affidavit, including the
171	298		penalties for commission of offenses pursuant to the appropriate
172	299		section of the penal code, and to a party injured by the affidavit
173	300		for actual damages of Five Thousand Dollars ($5,000.00), whichever
174	301		is greater. The Attorney General may sue to collect the penalty.
175	302		If the Attorney General or an injured party bringing suit
176	303		substantially prevails in an act ion under this subsection, the court
177	304		may award reasonable attorney fees and court costs to the prevaili ng
178	305		party.
179		-	ENR. H. B. NO. 4151 Page 5
180	306		J. Nothing provided for in this section shall preclude the
181	307		mortgagor from availing itself of the remedies provided for in
182	308		Section 15 of Title 46 of the Oklahoma Statutes which provides for
183	309		penalties against the mortgagee or judgment lienholder f or failure
184	310		to release a mortgage or judgment lien pursuant to the payment in
185	311		full and request for release on behalf of the mortgagor.
186		-
187	312		SECTION 2. This act shall become effective November 1, 2024.
188		-	ENR. H. B. NO. 4151 Page 6
189		-	Passed the House of Representatives the 12th day of March, 2024.
190		-
191		-
192		-
193		-
194		-	Presiding Officer of the House
195		-	of Representatives
196		-
197		-
198		-	Passed the Senate the 16th day of April, 2024.
199		-
200		-
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202		-
203		-	Presiding Officer of the Senate
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205		-
206		-	OFFICE OF THE GOVERNOR
207		-	Received by the Office of the Governor this ____________________
208		-	day of ___________________, 20_______, at _______ o'clock _______ M.
209		-	By: _________________________________
210		-	Approved by the Governor of the State of Oklahoma this _____ ____
211		-	day of ___________________, 20_______, at ___ ____ o'clock _______ M.
212		-
213		-
214		-	_________________________________
215		-	Governor of the State of Oklahoma
216		-
217		-	OFFICE OF THE SECRETARY OF STATE
218		-	Received by the Office of the Secretary of State this __________
219		-	day of ___________________, 20_______, at _______ o'clock ___ ____ M.
220		-	By: _________________________________
221		-
	313	+	COMMITTEE REPORT BY: COMMITTEE ON BUSINESS A ND COMMERCE
	314	+	April 1, 2024 - DO PASS