Bill Summary: HB 06680

• Requires mortgagees to execute and deliver mortgage releases to the town clerk and, if requested in writing, directly to the mortgagor or legal representative within the timeframe of satisfaction or bona fide offer to satisfy (effective October 1, 2023).

• Allows attorneys-at-law, title insurance companies, or institutional payors to execute and record an affidavit as a substitute mortgage release if the mortgagee fails to deliver a release within 60 days of receiving payment, provided proper notice and documentation requirements are met.

• Mandates mortgagees accept bank checks, certified checks, attorney's clients' funds account checks, title insurance company checks, wire transfers, and any other form of payment authorized under federal law for mortgage satisfaction or partial satisfaction.

• Establishes criminal penalty of class D felony for anyone who records an affidavit in land records knowing the information contained is false.

• Creates procedures for recording substitute affidavits including town clerk indexing requirements and specifies that recorded affidavits constitute valid mortgage lien releases.