Max Gardner’s Truth in Mortgage Documents Act

1. On every Mortgage Assignment, and every Missing or Lost Assignment Affidavit, filed in the Official Records of any county in this State, or filed in any Court in this State, each signer, including any witness or notary,  must sign his or her own name, regardless of any authorization by any individual or entity to sign any other name.

2. On every Mortgage Assignment, and every Missing or Lost Assignment Affidavit, filed in the Official Records of any county in this State, or filed in any Court in this State, each signer, including any witness or notary, must set forth his or her actual job title, and the name of his or her actual employer, regardless of any authorization by any individual or entity to state any other job title or employer. Any individual signing as an officer of Mortgage Electronic Registration Systems, Inc. (“MERS”) must state the name of the Principal/ Lender providing the individual with the authority to act as its “nominee” and must also attach written with proof in proper form for recording or filing confirming that said Principal/Lender is then an active member of MERS in good standing in addition to setting forth his or her actual job title, and the name of his or her actual employer.

3. On every Mortgage Assignment, and every Missing or Lost Assignment Affidavit filed in the Official Records of any county in this State, or filed in any Court in this State, each signer, including any witness, must set forth his or her actual work address, including city, state, zip code and contact telephone number at the time of the signing, regardless of any authorization by any individual or entity to state any other address.

4. On every Mortgage Assignment filed in the Official Records of any county in this State, or filed in any Court in this State, the effective date of the Assignment must be plainly and exactly set forth by day, month and year.  Effective dates such as “On or before” are not permitted.  Effective dates that pre-date the date of the attestation of the document by the notary are likewise  not permitted.

5. On every Mortgage Assignment, and every Missing or Lost Assignment Affidavit, filed in the Official Records of any county in this State, or filed in any Court in this State, each signer, including any witness or notary, must sign his or her own name, using a full signature stating his or her first, middle and last name, or first and last name if applicable, and may not use initials or abbreviations or marks of any king, regardless of any authorization by any individual or entity to sign using initials, abbreviations or marks.

6. Each and every violation of this statute shall be deemed an Unfair and Deceptive Act and Practice under applicable North Carolina law and each and every such violation shall be deemed a distinct and separate violation subjecting the offending individuals and their actual employers to statutory damages of up to $4,000.00 per violation, plus actual damages and legal fees.

7. The provisions of this statute shall apply to duly licensed attorneys at law as licensed by the North Carolina State Bar and all employees, agents, officers, paralegals, vendors, third-parties or out-source providers acting under their control or pursuant to their instructions.

8.  Effective Date: This act shall be effective within 30 days of the date the Bill is duly signed by the Governor of North Carolina and shall apply to all acts or filing inconsistent with these provisions on or after said date.

 

Thanks to Matt Weidner for sharing this!