AB 407

Bill Subjects

Abstract

Existing law requires a mortgagee or the assignee of the mortgagee, within 30 days after any mortgage has been satisfied, to execute a certificate of discharge and to record or cause to be recorded that certificate in the office of the county recorded, as specified. Existing law requires the beneficiary or the assignee of the beneficiary, within 30 calendar days after the obligation secured by any deed of trust has been satisfied, to execute and deliver to the trustee the original note, deed of trust, request for a full reconveyance, and other documents as may be necessary to reconvey, or cause to be reconveyed, the deed of trust. Existing law requires the trustee to execute the full reconveyance and to record or cause it to be recorded in the office of the county recorder in which the deed of trust is recorded within 21 calendar days after receipt by the trustee of the original note, deed of trust, request for a full reconveyance, and imposes additional requirements on the trustee in connection with delivery of the reconveyance instrument, original note, and deed of trust. Existing law provides that a violation of these provisions shall make the violator liable to the person affected by the violation for all damages which that person may sustain by reason of the violation, and shall require that the violator forfeit to that person the sum of $500. This bill would increase the penalty that the violator is liable to forfeit to $1,000.