MS HB1261

Authorizes title insurance companies or their agents to execute and record an affidavit that operates as a mortgage release if the mortgagee fails to deliver a release within 60 days of receiving payment.

Applies only to mortgages on one- to four-family residences, including residential condominium units.

Requires the affidavit to include proof of payment (cancelled check, wire transfer, or other documentary evidence), the payoff statement, and mortgagee information, along with evidence that the mortgagee received 15 days' written notice before recording.

Mandates county clerk indexing of the affidavit against the property description and requires the title insurance company to provide certified copies of payment documentation and payoff statement with the affidavit.

Establishes perjury penalties for knowingly executing and recording an affidavit containing false information; effective July 1, 2016.