HB 1578

Bill Subjects

Loans Property Technology

Abstract

Amends the acknowledgment and proof requirements for a conveyance, a mortgage, or an instrument of writing to be recorded. Provides that actions taken: (1) after June 30, 2020; and (2) before enactment of the bill's provisions; regarding the acknowledgment and proof requirements for the recording of conveyances, mortgages, and instruments of writing are legalized and validated to the extent they would have been legal and valid if the bill's provisions had been enacted before July 1, 2020. Provides that the following apply to a mortgage of land: (1) The mortgage (and notes and other evidences of debt) may be in the form of an electronic document. (2) The grantor's signature may be an electronic signature. (3) A required acknowledgment may be performed by a remote notary public. (4) The mortgage may be recorded electronically. Specifies that these provisions apply to a mortgage only to the extent the provisions are not inconsistent with any applicable rule or regulation of: (1) a United States government enterprise; or (2) any agency of the United States government; that insures or guarantees mortgages, or engages in secondary market mortgage transactions. Provides that the following apply to a record in foreclosure and satisfaction in a mortgage foreclosure action and to any other documents required to be filed with the court or recorded in a county in connection with a mortgage foreclosure: (1) The: (A) record in foreclosure and satisfaction; or (B) other documents; may be in the form of an electronic document. (2) Any required signatures may be electronic signatures. (3) Any required acknowledgment may be performed by a remote notary public. (4) The: (A) record in foreclosure and satisfaction; or (B) other documents recorded in connection with the mortgage foreclosure; may be recorded electronically. Specifies that these provisions apply to documents in connection with a mortgage foreclosure only to the extent the provisions are not inconsistent with any applicable rule or regulation of: (1) a United States government enterprise; or (2) any agency of the United States government; that insures or guarantees mortgages, or engages in secondary market mortgage transactions.