Senate Bill No. 96–Senator Shaffer

Section 1. NRS 106.290 is hereby amended to read as follows:

Sec. 2. NRS 107.077 is hereby amended to read as follows:

107.077 1. Within 21 calendar days after receiving written notice that

a debt secured by a deed of trust made on or after October 1, 1991, has

been paid or otherwise satisfied or discharged, the beneficiary shall deliver

to the trustee or the trustor the original note and deed of trust, if he is in

possession of those documents, and a properly executed request to

reconvey the estate in real property conveyed to the trustee by the grantor.

If the beneficiary delivers the original note and deed of trust to the trustee

or the trustee has those documents in his possession, the trustee shall

deliver those documents to the grantor.

2. Within 45 calendar days after a debt secured by a deed of trust made

on or after October 1, 1991, is paid or otherwise satisfied or discharged,

and a properly executed request to reconvey is received by the trustee, the

trustee shall cause to be recorded a reconveyance of the deed of trust.

3. If the beneficiary fails to deliver to the trustee a properly executed

request to reconvey pursuant to subsection 1, or if the trustee fails to cause

to be recorded a reconveyance of the deed of trust pursuant to subsection 2,

the beneficiary or the trustee, as the case may be, is liable in a civil action

reasonable attorney's fee and the costs of bringing the action, and he is

liable in a civil action to any party to the deed of trust for any actual

damages caused by his failure to comply with the provisions of this section

and for a reasonable attorney's fee and the costs of bringing the action.

4. Except as otherwise provided in this subsection, if a reconveyance is

not recorded pursuant to subsection 2 within: (a) Seventy-five calendar days after the payment, satisfaction or

discharge of the debt, if the payment, satisfaction or discharge was made on

or after October 1, 1993; or

(b) Ninety calendar days after the payment, satisfaction or discharge of

the debt, if the payment, satisfaction or discharge was made before October

1, 1993,

a title insurer may prepare and cause to be recorded a release of the deed of

trust. At least 30 calendar days before the recording of a release pursuant to

this subsection, the title insurer shall mail, by first-class mail, postage

prepaid, notice of the intention to record the release of the deed of trust to

the trustee, trustor and beneficiary of record, or their successors in interest,

at the last known address of each such person. A release prepared and

recorded pursuant to this subsection shall be deemed a reconveyance of a

deed of trust. The title insurer shall not cause a release to be recorded

pursuant to this subsection if the title insurer receives written instructions to

the contrary from the trustee, the trustor, the owner of the land, the holder

of the escrow or the owner of the debt secured by the deed of trust or his

agent.

5. The release prepared pursuant to subsection 4 must set forth:

(a) The name of the beneficiary;

(b) The name of the trustor;

(c) The recording reference to the deed of trust;

(d) A statement that the debt secured by the deed of trust has been paid

in full or otherwise satisfied or discharged;

(e) The date and amount of payment or other satisfaction or discharge;

and

(f) The name and address of the title insurer issuing the release.

6. A release prepared and recorded pursuant to subsection 4 does not

relieve a beneficiary or trustee of the requirements imposed by subsections

1 and 2.

7. A trustee may charge a reasonable fee to the trustor or the owner of

the land for services relating to the preparation, execution or recordation of

a reconveyance or release pursuant to this section. A trustee shall not

require the fees to be paid before the opening of an escrow, or earlier than

60 calendar days before the payment, satisfaction or discharge of the debt

secured by the deed of trust. If a fee charged pursuant to this subsection

does not exceed $100, the fee is conclusively presumed to be reasonable.

8. In addition to any other remedy provided by law, a title insurer who

improperly causes to be recorded a release of a deed of trust pursuant to

of the improper recordation of the release.

9. Any person who willfully violates this section is guilty of a

misdemeanor.

Sec. 3. NRS 107.078 is hereby amended to read as follows:

107.078 1. If a deed of trust made on or after October 1, 1995,

authorizes the grantor to discharge in part the debt secured by the deed of

trust and the deed of trust authorizes a partial reconveyance of the estate in

real property in consideration of a partial discharge, the beneficiary shall,

within 21 calendar days after receiving notice that the debt secured by the

deed of trust has been partially discharged, deliver to the trustee a properly

executed request for a partial reconveyance of the estate in real property

conveyed to the trustee by the grantor.

2. Within 45 calendar days after a debt secured by a deed of trust made

on or after October 1, 1995, is partially discharged and a properly executed

request for a partial reconveyance is received by the trustee, the trustee

shall cause to be recorded a partial reconveyance of the deed of trust.

3. If the beneficiary fails to deliver to the trustee a properly executed

request for a partial reconveyance pursuant to subsection 1, or if the trustee

fails to cause to be recorded a partial reconveyance of the deed of trust

pursuant to subsection 2, the beneficiary or the trustee, as the case may be,

is liable in a civil action to the grantor, his heirs or assigns in the amount of

action, and he is liable in a civil action to any party to the deed of trust for

any actual damages caused by his failure to comply with the provisions of

this section and for a reasonable attorney's fee and the costs of bringing the

action.

4. Except as otherwise provided in this subsection, if a partial

reconveyance is not recorded pursuant to subsection 2 within 75 calendar

days after the partial satisfaction of the debt and if the satisfaction was

made on or after October 1, 1995, a title insurer may prepare and cause to

be recorded a partial release of the deed of trust. At least 30 calendar days

before the recording of a partial release pursuant to this subsection, the title

insurer shall mail, by first-class mail, postage prepaid, notice of the

intention to record the partial release of the deed of trust to the trustee,

trustor and beneficiary of record, or their successors in interest, at the last

known address of each such person. A partial release prepared and

recorded pursuant to this subsection shall be deemed a partial reconveyance

of a deed of trust. The title insurer shall not cause a partial release to be

recorded pursuant to this subsection if the title insurer receives written

instructions to the contrary from the trustee, trustor, owner of the land,

holder of the escrow or owner of the debt secured by the deed of trust or his

agent.

5. The release prepared pursuant to subsection 4 must set forth:

(a) The name of the beneficiary;

(b) The name of the trustor;

(c) The recording reference to the deed of trust;

(d) A statement that the debt secured by the deed of trust has been

partially discharged; (e) The date and amount of partial payment or other partial satisfaction

or discharge;

(f) The name and address of the title insurer issuing the partial release;

and

(g) The legal description of the estate in real property which is

reconveyed.

6. A partial release prepared and recorded pursuant to subsection 4

does not relieve a beneficiary or trustee of the requirements imposed by

subsections 1 and 2.

7. A trustee may charge a reasonable fee to the trustor or the owner of

the land for services relating to the preparation, execution or recordation of

a partial reconveyance or partial release pursuant to this section. A trustee

shall not require the fees to be paid before the opening of an escrow or

earlier than 60 calendar days before the partial payment or partial

satisfaction or discharge of the debt secured by the deed of trust. If a fee

charged pursuant to this subsection does not exceed $100, the fee is

conclusively presumed to be reasonable.

8. In addition to any other remedy provided by law, a title insurer who

improperly causes to be recorded a partial release of a deed of trust

injured because of the improper recordation of the partial release.

9. Any person who willfully violates this section is guilty of a

misdemeanor.

Sec. 4. The amendatory provisions of this act do not apply to offenses

or violations that are committed before October 1, 1999.

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