Senate Bill 511 Summary

• Allows title insurance companies and their officers or agents to record a certificate of release on behalf of mortgagors if they have not received an objection from the mortgagee or mortgage servicer.

• Permits title insurance companies to use previously collected recording fees for either the certificate of release or mortgage satisfaction to cover the cost of recording the release.

• Requires certificates of release to state that the mortgage payoff amount was not more than $1,000,000 and that the mortgagee or mortgage servicer provided a written payoff statement used to make full payment.

• Establishes that a receipt of payment issued under a lender's written payoff statement authorizes title insurance companies to record a certificate of release without requiring a search of public records for existing satisfactions or releases.

• Effective July 1, 2013.