Introduced by Representatives Jewett of Ripton and Shand of Weathersfield
Subject: Property; conveyance of real estate; mortgages
Statement of purpose: This bill proposes to enact a uniform law drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) relating to the complete payment of and subsequent discharge of residential mortgages. The development of the secondary market for residential mortgages and the corresponding changes in the lending, title insurance, and closing service industries have complicated the payoff, discharge, and release of mortgage instruments. State laws often differ substantially with respect to the required formalities, the time frame, and statutory penalties. This bill attempts to ensure that mortgagees and their servicers have an appropriate incentive, uniform in all states, to act promptly to prepare and record the appropriate documents needed to assist a landowner in clearing title to mortgaged real property.
AN ACT RELATING TO RESIDENTIAL MORTGAGE DISCHARGE
It is hereby enacted by the General Assembly of the State of Vermont:
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The Vermont General Assembly
115 State Street