HB 5215 Summary

• Mortgagees must deliver mortgage releases to the town clerk or mortgagor within 60 days of receiving full payment, or the mortgagor may request delivery to themselves or their legal representative.

• If a mortgagee fails to deliver a release within 60 days of payment, an attorney-at-law or authorized officer of a title insurance company may execute and record an affidavit in place of the mortgagee, provided 15 days' written notice was given to the mortgagee.

• An affidavit filed under this provision constitutes a valid release of the mortgage lien once recorded in the land records.

• Mortgagees must accept bank checks, certified checks, attorney's clients' funds account checks, title insurance company checks, wire transfers, and any other federally authorized payment methods for mortgage satisfaction.

• Recording a false affidavit under this law is a class D felony; the effective date is October 1, 2022.