OK HB1123

Reduces the time for mortgage holders to release a paid mortgage from 50 days to 30 days after debt payment and requires filing with the county clerk.

Allows mortgagors to request written release of the mortgage if the holder fails to release it within the 30-day period, requiring the holder to release within 10 days of the written request.

Imposes a penalty of 1% of the principal debt (capped at $100 per day) for each day the mortgage is not released after the 10-day request period expires, recoverable through civil action.

Caps total penalties at 100% of the total principal debt and includes subsequent purchasers of mortgaged real estate in the definition of "mortgagor" for purposes of these protections.

Effective date: November 1, 2015.