On Friday, December 19th 2014 Ohio Governor John Kasich signed House Bill 201, the Mortgage Satisfaction Bill. Introduced last year, the bill pertains to unreleased, but satisfied mortgages. Plaguing the title industry for years, the issue has been a frequent topic of many Ohio Land Title Association (OLTA) Board meetings over the past decade.
House Bill 201 will help encourage lenders to record satisfied mortgages through the increased penalties for not doing so. Once a $250 penalty, lenders will now face a $100 per day penalty, up to $5,000 plus attorney’s fees for failing to record satisfied mortgages in a timely manner.
The final version of the bill passed the Ohio Senate after extensive lobbying effort and is proof of years of hard work paid off. Through a coalition between the OLTA, Ohio State Bar Association and the Ohio Association of Realtors, this pro consumer legislation was pushed through the General Assembly.