Legislature(2003 - 2004)

05/04/2004 01:55 PM L&C

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
            CSHB 421(JUD)-DEED OF TRUST RECONVEYANCE                                                                        
                                                                                                                                
CHAIR  CON   BUNDE  announced   CSHB  421(JUD)   to  be   up  for                                                               
consideration.                                                                                                                  
                                                                                                                                
MR.  JOSH   APPLEBEE,  staff  to  Representative   Tom  Anderson,                                                               
sponsor,  said  that  the  Alaska  Land  Title  Association  came                                                               
forward with this  as a way to help people  clear titles to their                                                               
homes.   It  is   supported  by   the  Alaska   Mortgage  Bankers                                                               
Association  and the  Alaska State  Homebuilders Association  and                                                               
has been reviewed  by many housing sectors. Once a  loan is paid,                                                               
the bill  intends to make  sure it shows  the loan has  been paid                                                               
off. Most  banks in  Alaska don't  keep loans  for more  than 130                                                               
days and  sell them to  service companies located outside  of the                                                               
state. Once  that loan is paid  off, there is no  requirement for                                                               
the  mortgage servicer  to make  sure the  reconveyance is  taken                                                               
care of  at the  recorder's office.  One title  insurance company                                                               
testified   that  over   1,400  deeds   of  trust   were  pending                                                               
reconveyance.                                                                                                                   
                                                                                                                                
MR.  BRYAN MERRELL  said he  is the  immediate past  president of                                                               
Alaska Land  Title Association  and is  the State  Agency Manager                                                               
Underwriter  for  First  American Title  Insurance  Company,  the                                                               
largest title  insurance company in  Alaska. He supported  HB 421                                                               
saying, "It's a good piece of consumer legislation."                                                                            
                                                                                                                                
SENATOR BETTYE DAVIS  moved to pass CSHB  421(JUD) from committee                                                               
with  individual recommendations.  Senators Gary  Stevens, Davis,                                                               
French, Seekins and Chair Bunde voted yea; and CSHB 421(JUD)                                                                    
moved from committee.                                                                                                           

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