MS HB1406

Authorizes title insurance companies and their agents to execute and record affidavits releasing mortgages on one- to four-family residential properties if the mortgagee fails to deliver a release within 60 days of receiving payment.

Requires the affidavit to document that payment was received by the mortgagee, provide at least 15 days' written notice to the mortgagee by certified mail with a copy of the proposed affidavit, and confirm the mortgagee did not respond within 15 days.

Mandates the affidavit include mortgagor and mortgagee names, mortgage date, legal property description, recording information, and attach certified copies of payment evidence, payoff statement, and debtor's written request to cancel any line of credit.

Establishes that a properly executed and recorded affidavit operates as a legal release of the mortgage and requires county clerks to index the affidavit against the real property.

Imposes perjury penalties for knowingly causing an affidavit with false information to be executed and recorded; requires mortgagees to satisfy mortgages securing lines of credit upon termination and payment or upon debtor's written cancellation request.