EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

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

1-2 106.290 [If any mortgagee, or his personal representative or assignee,

1-15 assigns [in the] for:

2-1 (a) The sum of [$100, and also for all] $500;

2-2 (b) Any actual damages [occasioned by such neglect or refusal.] caused

2-3 by the failure of the mortgagee to comply with the provisions of this

2-4 section; and

2-5 (c) A reasonable attorney’s fee and the costs of bringing the action.

2-6 3. Except as otherwise provided in this subsection, if a mortgagee

2-7 fails to cause a discharge of the mortgage to be recorded pursuant to

2-8 subsection 1 within 75 calendar days, a title insurer may prepare and

2-9 cause to be recorded a release of the mortgage. At least 30 calendar days

2-10 before the recording of a release pursuant to this subsection, the title

2-11 insurer shall mail, by first-class mail, postage prepaid, notice of the

2-12 intention to record the release of the mortgage to the mortgagor and

2-13 mortgagee, or their successors in interest, at the last known address of

2-14 each such person. A release prepared and recorded pursuant to this

2-15 subsection shall be deemed a discharge of the mortgage. The title insurer

2-16 shall not cause a release to be recorded pursuant to this subsection if the

2-17 title insurer receives written instructions to the contrary from the

2-18 mortgagor, the mortgagee or a successor in interest.

2-19 4. The release prepared pursuant to subsection 3 must set forth:

2-20 (a) The name of the mortgagor;

2-21 (b) The name of the mortgagee;

2-22 (c) The recording reference to the mortgage;

2-23 (d) A statement that the debt secured by the mortgage has been paid in

2-24 full or otherwise satisfied or discharged;

2-25 (e) The date and amount of payment or other satisfaction or

2-26 discharge; and

2-27 (f) The name and address of the title insurer issuing the release.

2-28 5. A release prepared and recorded pursuant to subsection 3 does not

2-29 relieve a mortgagee of the requirements imposed by subsections 1 and 2.

2-30 6. In addition to any other remedy provided by law, a title insurer

2-31 who improperly causes to be recorded a release of a mortgage pursuant

2-32 to this section is liable in a civil action for actual damages and for a

2-33 reasonable attorney’s fee and the costs of bringing the action to any

2-34 person who is injured because of the improper recordation of the release.

2-35 7. Any person who willfully violates this section is guilty of a

2-36 misdemeanor.

2-37 8. As used in this section, "title insurer" has the meaning ascribed to

2-38 it in NRS 692A.070.

2-39 Sec. 2. NRS 107.077 is hereby amended to read as follows:

2-40 107.077 1. Within 21 calendar days after receiving written notice that

2-43 to the trustee or the trustor the original note and deed of trust, if he is in

3-1 possession of those documents, and a properly executed request to

3-2 reconvey the estate in real property conveyed to the trustee by the grantor.

3-3 If the beneficiary delivers the original note and deed of trust to the trustee

3-4 or the trustee has those documents in his possession, the trustee shall

3-5 deliver those documents to the grantor.

3-6 2. Within 45 calendar days after a debt secured by a deed of trust made

3-7 on or after October 1, 1991, is paid or otherwise satisfied or discharged,

3-8 and a properly executed request to reconvey is received by the trustee, the

3-9 trustee shall cause to be recorded a reconveyance of the deed of trust.

3-10 3. If the beneficiary fails to deliver to the trustee a properly executed

3-11 request to reconvey pursuant to subsection 1, or if the trustee fails to cause

3-12 to be recorded a reconveyance of the deed of trust pursuant to subsection 2,

3-13 the beneficiary or the trustee, as the case may be, is liable in a civil action

3-14 to the grantor, his heirs or assigns in the sum of [$100,] $500, plus a

3-15 reasonable attorney’s fee and the costs of bringing the action, and he is

3-16 liable in a civil action to any party to the deed of trust for any actual

3-17 damages caused by his failure to comply with the provisions of this section

3-18 and for a reasonable attorney’s fee and the costs of bringing the action.

3-19 4. Except as otherwise provided in this subsection, if a reconveyance is

3-20 not recorded pursuant to subsection 2 within:

3-21 (a) Seventy-five calendar days after the payment, satisfaction or

3-22 discharge of the debt, if the payment, satisfaction or discharge was made on

3-23 or after October 1, 1993; or

3-24 (b) Ninety calendar days after the payment, satisfaction or discharge of

3-25 the debt, if the payment, satisfaction or discharge was made before October

3-26 1, 1993,

3-27 a title insurer may prepare and cause to be recorded a release of the deed of

3-28 trust. At least 30 calendar days before the recording of a release pursuant to

3-29 this subsection, the title insurer shall mail, by first-class mail, postage

3-30 prepaid, notice of the intention to record the release of the deed of trust to

3-31 the trustee, trustor and beneficiary of record, or their successors in interest,

3-32 at the last known address of each such person. A release prepared and

3-33 recorded pursuant to this subsection shall be deemed a reconveyance of a

3-34 deed of trust. The title insurer shall not cause a release to be recorded

3-35 pursuant to this subsection if the title insurer receives written instructions to

3-36 the contrary from the trustee, the trustor, the owner of the land, the holder

3-37 of the escrow or the owner of the debt secured by the deed of trust or his

3-38 agent.

3-39 5. The release prepared pursuant to subsection 4 must set forth:

3-40 (a) The name of the beneficiary;

3-41 (b) The name of the trustor;

3-42 (c) The recording reference to the deed of trust;

4-1 (d) A statement that the debt secured by the deed of trust has been paid

4-2 in full or otherwise satisfied or discharged;

4-3 (e) The date and amount of payment or other satisfaction or discharge;

4-4 and

4-5 (f) The name and address of the title insurer issuing the release.

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

4-7 relieve a beneficiary or trustee of the requirements imposed by subsections

4-8 1 and 2.

4-9 7. A trustee may charge a reasonable fee to the trustor or the owner of

4-10 the land for services relating to the preparation, execution or recordation of

4-11 a reconveyance or release pursuant to this section. A trustee shall not

4-12 require the fees to be paid before the opening of an escrow, or earlier than

4-13 60 calendar days before the payment, satisfaction or discharge of the debt

4-14 secured by the deed of trust. If a fee charged pursuant to this subsection

4-15 does not exceed $100, the fee is conclusively presumed to be reasonable.

4-16 8. In addition to any other remedy provided by law, a title insurer who

4-17 improperly causes to be recorded a release of a deed of trust pursuant to

4-18 this section is liable for actual damages and for a reasonable attorney’s fee

4-19 and the costs of bringing the action to any person who is injured because

4-20 of the improper recordation of the release.

4-21 9. Any person who willfully violates this section is guilty of a

4-22 misdemeanor.

4-23 Sec. 3. NRS 107.078 is hereby amended to read as follows:

4-24 107.078 1. If a deed of trust made on or after October 1, 1995,

4-41 [$100,] $500, plus a reasonable attorney’s fee and the costs of bringing the

5-1 action, and he is liable in a civil action to any party to the deed of trust for

5-2 any actual damages caused by his failure to comply with the provisions of

5-3 this section and for a reasonable attorney’s fee and the costs of bringing the

5-4 action.

5-5 4. Except as otherwise provided in this subsection, if a partial

5-6 reconveyance is not recorded pursuant to subsection 2 within 75 calendar

5-7 days after the partial satisfaction of the debt and if the satisfaction was

5-8 made on or after October 1, 1995, a title insurer may prepare and cause to

5-9 be recorded a partial release of the deed of trust. At least 30 calendar days

5-10 before the recording of a partial release pursuant to this subsection, the title

5-11 insurer shall mail, by first-class mail, postage prepaid, notice of the

5-12 intention to record the partial release of the deed of trust to the trustee,

5-13 trustor and beneficiary of record, or their successors in interest, at the last

5-14 known address of each such person. A partial release prepared and

5-15 recorded pursuant to this subsection shall be deemed a partial reconveyance

5-16 of a deed of trust. The title insurer shall not cause a partial release to be

5-17 recorded pursuant to this subsection if the title insurer receives written

5-18 instructions to the contrary from the trustee, trustor, owner of the land,

5-19 holder of the escrow or owner of the debt secured by the deed of trust or his

5-20 agent.

5-21 5. The release prepared pursuant to subsection 4 must set forth:

5-22 (a) The name of the beneficiary;

5-23 (b) The name of the trustor;

5-24 (c) The recording reference to the deed of trust;

5-25 (d) A statement that the debt secured by the deed of trust has been

5-26 partially discharged;

5-27 (e) The date and amount of partial payment or other partial satisfaction

5-28 or discharge;

5-29 (f) The name and address of the title insurer issuing the partial release;

5-30 and

5-31 (g) The legal description of the estate in real property which is

5-32 reconveyed.

5-33 6. A partial release prepared and recorded pursuant to subsection 4

5-34 does not relieve a beneficiary or trustee of the requirements imposed by

5-35 subsections 1 and 2.

5-36 7. A trustee may charge a reasonable fee to the trustor or the owner of

5-37 the land for services relating to the preparation, execution or recordation of

5-38 a partial reconveyance or partial release pursuant to this section. A trustee

5-39 shall not require the fees to be paid before the opening of an escrow or

5-40 earlier than 60 calendar days before the partial payment or partial

5-41 satisfaction or discharge of the debt secured by the deed of trust. If a fee

5-42 charged pursuant to this subsection does not exceed $100, the fee is

5-43 conclusively presumed to be reasonable.

6-1 8. In addition to any other remedy provided by law, a title insurer who

6-2 improperly causes to be recorded a partial release of a deed of trust

6-3 pursuant to this section is liable for actual damages and for a reasonable

6-4 attorney’s fee and the costs of bringing the action to any person who is

6-5 injured because of the improper recordation of the partial release.

6-6 9. Any person who willfully violates this section is guilty of a

6-7 misdemeanor.

6-8 Sec. 4. The amendatory provisions of this act do not apply to offenses

6-9 or violations that are committed before October 1, 1999.