HB16-1356
Debts Secured By Liens On Real Property
| Type | Bill |
|---|---|
| Session | 2016 Regular Session |
| Subjects |
Concerning requirements related to the satisfaction of indebtedness secured by real property.
Bill Summary:
The act makes the following changes to certain requirements upon satisfaction of indebtedness consisting of a line of credit secured by a lien on real property:
- The lien continues and no lien release is required until the line of credit expires and the debt is satisfied unless, before expiration of the line of credit, the outstanding indebtedness is satisfied and the debtor relinquishes in writing all right to make any further draw upon the line of credit; and
- The debtor relinquishes all right to make a further draw by either requesting in writing that the line of credit be closed by the creditor or by written notification by the debtor or the debtor's designee that the real property is being conveyed upon payment of all indebtedness. Upon satisfaction of all indebtedness in connection with the conveyance of the real property and notice to the creditor or holder of the conveyance, the creditor or holder shall terminate the line of credit, record the release of the lien on real property, or in the case of a deed of trust, file with the public trustee the documents required for release, and return all papers and personal property as required by law.
Related Documents & Information
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 16-1356 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 5-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 16-1356 to the Committee of the Whole. | The motion passed on a vote of 11-0. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/25/2016 | Third Reading | BILL |
34
AYE
0
NO
1
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/08/2016 | Third Reading | BILL |
52
AYE
1
NO
12
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 06/10/2016 | Governor | Governor Signed |
| 05/04/2016 | Governor | Sent to the Governor |
| 05/03/2016 | Senate | Signed by the President of the Senate |
| 05/02/2016 | House | Signed by the Speaker of the House |
| 04/25/2016 | Senate | Senate Third Reading Passed - No Amendments |
| 04/22/2016 | Senate | Senate Second Reading Passed - No Amendments |
| 04/19/2016 | Senate | Senate Committee on Finance Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 04/11/2016 | Senate | Introduced In Senate - Assigned to Finance |
| 04/08/2016 | House | House Third Reading Passed - No Amendments |
| 04/07/2016 | House | House Second Reading Passed - No Amendments |
| 04/05/2016 | House | House Committee on Business Affairs and Labor Refer Unamended to House Committee of the Whole |
| 03/11/2016 | House | Introduced In House - Assigned to Business Affairs and Labor |
Prime Sponsor
Sponsor
(None)
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 08/10/2016 | 348 | Debts Secured By Liens On Real Property |