OK SB443

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

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

Affidavit must include mortgagor and mortgagee names, mortgage date, property legal description, recording information, and certified copies of payment evidence and payoff statement.

An affidavit executed and recorded under this section operates as a legal release of the mortgage; county clerk must index it against the property and affidavit.

A person knowingly causing a false affidavit to be recorded is liable for penal code penalties, actual damages of at least $5,000, and attorney fees if the Attorney General or injured party prevails in court; existing remedies under Title 46, Section 15 remain available to mortgagors.

Effective November 1, 2015.