FOR AN ACT ENTITLED, An Act to  eliminate certain waiting periods and notice requirements associated with certificates of release for mortgages.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That § 44-8-30 be amended to read as follows:
     44-8-30.   Any officer or duly appointed agent of a title insurance company may, on behalf of a mortgagor or a person who acquired from the mortgagor title to all or a part of the property described in a mortgage, execute a certificate of release that complies with the requirements of § §   44-8-30 to 44-8-35, inclusive, and record the certificate of release in the real property records of each county in which the mortgage is recorded if :

             (1)      A a satisfaction or release of the mortgage has not been executed and recorded within sixty days after the date payment in full of the loan secured by the mortgage was sent in accordance with a payoff statement furnished by the mortgagee or the mortgage servicer ; and

             (2)      The title insurance company, its officer, or agent has sent to the last known address of the mortgagee or the mortgage servicer, at least thirty days before executing the

certificate of release, written notice of its intention to execute and record a certificate of release in accordance with § §   44-8-30 to 44-8-35, inclusive, after the expiration of the sixty-day period .
     Section  2.  That § 44-8-31 be amended to read as follows:
     44-8-31.   A certificate of release executed under § §   44-8-30 to 44-8-35, inclusive, shall contain substantially all of the following:

             (1)      The name of the mortgagor; the name of the original mortgagee; if applicable, the mortgage servicer; the date of the mortgage; the date of recording; and the volume and page or document number in the real property records where the mortgage is recorded; together with similar information for the last recorded assignment of the mortgage;

             (2)      A statement that the mortgage was in the original principal amount of five hundred thousand dollars or less;

             (3)      A statement that the person executing the certificate of release is an officer or a duly appointed agent of a title insurance company authorized and licensed to transact the business or of insuring titles to interests in real property in this state under chapter 58-25;

             (4)      A statement that the certificate of release is made on behalf of the mortgagor or a person who acquired title from the mortgagor to all or a part of the property described in the mortgage;

             (5)      A statement that the mortgagee or mortgage servicer provided a payoff statement that was used to make payment in full of the unpaid balance of the loan secured by the mortgage; and

             (6)      A statement that payment in full of the unpaid balance of the loan secured by the

mortgage was made in accordance with the written or verbal payoff statement, and received by the mortgagee or mortgage servicer, as evidenced by one or more of the following in the records of the title insurance company or its agent: a bank check, certified check, escrow account check from the title company or title insurance agent, or attorney trust account check that has been negotiated by the mortgagee or mortgage servicer, or other documentary evidence of payment to the mortgage or mortgage servicer ;

             (7)      A statement that more than sixty days have elapsed since the date payment in full was sent;

             (8)      A statement that after the expiration of the sixty-day period the title insurance company, its officer, or agent sent to the last known address of the mortgagee or mortgage servicer, at least thirty days before executing the certificate of release, notice in writing of its intention to execute and record a certificate of release in accordance with § §   44-8-30 to 44-8-35, inclusive, with an unexecuted copy of the proposed certificate of release attached to the written notice; and

             (9)      A statement that the title insurance company, its officer, or agent has not received notification in writing of any reason why the certificate of release should not be executed and recorded after the expiration of the thirty-day notice period .