MS HB364

Authorizes title insurance companies to execute and record an affidavit releasing a mortgage 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 proof of payment (check, wire transfer, or other evidence), provide 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 certified copies of payment documentation, payoff statement, and any line of credit cancellation request.

Declares that a properly executed and recorded affidavit operates as a release of the mortgage and must be indexed by the county clerk against the property and mortgage.

Establishes perjury penalties for knowingly causing a false affidavit to be executed and recorded, and requires mortgagees to satisfy mortgages securing lines of credit upon termination and payment or upon debtor's written cancellation request.