Citations Affected: IC 32-29; IC 36-2-7-10.
Synopsis: Mortgage assignment and securitization disclosure.
Requires an assignment of mortgage to be recorded if it is on real
property for which the owner is receiving the homestead standard
deduction at the time the mortgage is granted. Provides that if a lender
assigns a mortgage on real property for which the owner is receiving
the homestead standard deduction at the time the mortgage is granted,
the lender must notify the borrower, record a mortgage securitization
disclosure statement, and pay a fee. Deposits $0.50 of the fee in the
recorder's record perpetuation fund and the remainder in the state
general fund. Provides that the fee is $250, if the transfer involves the
securitization of the mortgage with other mortgages, or $100, if the
transfer is not part of a securitization with other mortgages.
Effective: July 1, 2009.
January 13, 2009, read first time and referred to Committee on Financial Institutions.
A BILL FOR AN ACT to amend the Indiana Code concerning
property.
assigns a covered mortgage must state that the notice required by
subsection (b) has been provided to the borrower.
statement that includes all the following:
(1) The contents of the notice required by IC 32-29-1-12.
(2) A concise statement that the covered mortgage is or is not
part of a securitization with other mortgages.
(3) A place for the lender and transferee to sign the statement.
(b) A lender and transferee shall both sign the mortgage
securitization disclosure statement. A person that signs a mortgage
securitization disclosure statement shall attest in writing and under
penalties of perjury that to the best of the person's knowledge and
belief the information contained in the mortgage securitization
disclosure statement is true and correct.
(c) A mortgage securitization disclosure statement must be
recorded in the county recorder's office before an assignment of
the covered mortgage may be accepted for recording. The lender
or transferee shall also send a copy of the signed mortgage
securitization disclosure statement to the department of financial
institutions. Each year, the department of financial institutions
shall prepare an annual report on the mortgage securitization
disclosure statements filed and fees collected under this chapter for
the previous year. The report for a year shall be published by
posting the report on the official web site for the department
before February 1 of the following year.
Sec. 10. (a) The fee for recording a mortgage securitization
disclosure statement is in addition to any other fees for recording
a mortgage assignment document. The fee is as follows:
(1) The fee is two hundred fifty dollars ($250) if the transfer
involves the securitization of the covered mortgage with other
mortgages.
(2) The fee is one hundred dollars ($100) if the transfer is not
part of a securitization with other mortgages.
(b) The fee may not be passed on or charged to the mortgagor,
and any agreement to the contrary is void and has no effect.
of a fiscal year.
(e) As used in this section, "record" or "recording" includes the
functions of recording, filing, and filing for record.
(f) The county recorder shall post the fees set forth in subsection (b)
in a prominent place within the county recorder's office where the fee
schedule will be readily accessible to the public.
(g) The county recorder may not tax or collect any fee for:
(1) recording an official bond of a public officer, a deputy, an
appointee, or an employee; or
(2) performing any service under any of the following:
(A) IC 6-1.1-22-2(c).
(B) IC 8-23-7.
(C) IC 8-23-23.
(D) IC 10-17-2-3.
(E) IC 10-17-3-2.
(F) IC 12-14-13.
(G) IC 12-14-16.
(h) The state and its agencies and instrumentalities are required to
pay the recording fees and charges that this section prescribes.
(i) This subsection applies to a county other than a county
containing a consolidated city. The county treasurer shall distribute
money collected by the county recorder under subsection (b)(12) as
follows:
(1) Sixty percent (60%) of the money collected by the county
recorder under subsection (b)(12) shall be distributed to the units
in the county that have established an affordable housing fund
under IC 5-20-5-15.5 for deposit in the fund. The amount to be
distributed to a unit is the amount available for distribution
multiplied by a fraction. The numerator of the fraction is the
population of the unit. The denominator of the fraction is the
population of all units in the county that have established an
affordable housing fund. The population to be used for a county
that establishes an affordable housing fund is the population of
the county outside any city or town that has established an
affordable housing fund.
(2) Forty percent (40%) of the money collected by the county
recorder under subsection (b)(12) shall be distributed to the
treasurer of state for deposit in the affordable housing and
community development fund established under IC 5-20-4-7 for
the purposes of the fund.
Money shall be distributed under this subsection before the sixteenth
day of the month following the month in which the money is collected
from the county recorder.
(j) This subsection applies to a county described in subsection
(b)(13). The county treasurer shall distribute money collected by the
county recorder under subsection (b)(13) as follows:
(1) Sixty percent (60%) of the money collected by the county
recorder under subsection (b)(13) shall be deposited in the
housing trust fund established under IC 36-7-15.1-35.5(e) for the
purposes of the fund.
(2) Forty percent (40%) of the money collected by the county
recorder under subsection (b)(13) shall be distributed to the
treasurer of state for deposit in the affordable housing and
community development fund established under IC 5-20-4-7 for
the purposes of the fund.
Money shall be distributed under this subsection before the sixteenth
day of the month following the month in which the money is collected
from the county recorder.