OK SB443

Authorizes title insurance companies to execute and record a "release of mortgage affidavit" if a mortgagee fails to release a paid mortgage within 60 days of payment receipt for one- to four-family residential properties.

Requires the title insurance company to provide the mortgagee at least 15 days' written notice by certified mail before recording the affidavit, with a copy of the proposed affidavit attached.

Affidavit must document that payment was received by the mortgagee (evidenced by cancelled check, wire transfer, or similar proof) and include the mortgagor's name, mortgagee's name, mortgage date, legal description, and recording information.

An affidavit properly executed and recorded under these procedures shall operate as a legal release of the mortgage described in it.

Imposes penalties of up to $5,000 or actual damages (whichever is greater) for knowingly filing a false affidavit, with the Attorney General authorized to sue for penalties and prevailing parties eligible for attorney fees and court costs.

Effective November 1, 2015.