Bill > S805

This bill, titled the "Reliable Land Title Act," aims to improve the accuracy and reliability of land titles to support local homeownership and business creation by establishing clearer procedures and accountability for recording and managing property-related documents. Key provisions include requiring documents submitted for recording to have a clear heading indicating their type and purpose, and mandating that mortgage assignments and discharges be accompanied by specific documentation and adhere to strict timeframes for filing to prevent fraud and ensure proper ownership is reflected. The bill also introduces new requirements for mortgage statements to include detailed information about the mortgage owner, the entity to whom the note is payable, and the mortgage servicer (the company that collects payments), with penalties for non-compliance. Furthermore, it modifies foreclosure procedures by requiring mortgagees to provide an affidavit of jurisdiction and authority to foreclose, along with supporting documents, and introduces stricter penalties for submitting fraudulent documents related to property titles, including potential imprisonment and business bans. The act also clarifies and modifies aspects of foreclosure by entry and possession, and establishes a process for the Attorney General to inform registers of deeds about relevant legal changes and to publish legal opinions.