Brief (1)
HB 2621 would require registers of deeds under certain circumstances to notify county treasurers within 30 days when certain real estate mortgage obligations have been recorded as satisfied. The requirement would not apply regarding the recording of satisfaction of mortgage contracts for which there are agreements for the making of future advances secured by such contracts. The requirement also would apply only when mortgagees are serving as escrow agents for property tax payment purposes.
Background
The original bill would have required mortgagees to notify county treasurers upon the satisfaction of real estate mortgage contracts. House Committee of the Whole amendments included eliminating the requirement for mortgagees and placing it instead upon registers of deeds.
Registers of deeds currently are required pursuant to KSA 58-2309a to provide mortgage satisfaction information to county clerks.
The Budget Division reports that passage of HB 2621 would not impact state revenues or expenditures.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/bill_search.html