HB 459 -- Mortgage Deeds of Release

Sponsor:  Goodman

This bill changes the laws regarding a deed of release on a
mortgage.  Currently, a lender is required, within 45 days of a
mortgage being paid off, to submit a deed of release for
recording.  If the document cannot be recorded for any reason,
the lender will have an additional 60 days to file a document
that can be recorded.  The bill removes the recording language
and requires the lender to deliver to the borrower, within 15
days, a deed of release.  Damages that may be awarded for
noncompliance are limited to 10% of the amount of the loan plus
court costs and attorney fees.

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:19 pm