Iowa Admin. Code r. 265-9.9

Current through Register Vol. 47, No. 8, October 30, 2024

Rule 265-9.9 - Mortgage release certificate

Pursuant to Iowa Code section 16.92, the division is charged with the administration of a program to release, after proper notification, paid-off mortgages from real estate titles in Iowa by executing and filing with the county recorder a mortgage release certificate.

(1)Application. The division shall provide a mortgage release application at the office of the division and on the division's Web site. The following may submit an application for a mortgage release certificate:

a. A person authorized to regularly lend moneys to be secured by a mortgage on real property in Iowa.

b. A licensed real estate broker.

c. A licensed attorney.

d. A participating abstractor.

e. A licensed closing agent.

(2)Application fee. An applicant may be required to pay a fee to apply for a mortgage release certificate. The fee shall be set by the division.

(3)Maximum principal amount of mortgage. The division board may set a maximum principal amount for mortgages that may be released by a mortgage release certificate.

(4)Authority to sign certificate. A mortgage release certificate shall be executed by the division director or designee of the division director.

Iowa Admin. Code r. 265-9.9

ARC 8458B, lAB 1/13/10, effective 2/17/10

Amended by IAB April 27, 2016/Volume XXXVIII, Number 22, effective 6/1/2016