Iowa passed a bill amending release of lien timing requirements. Under the bill, mortgage lenders and servicers must record a release of lien within 30 days of receiving full payment of a loan (with respect to closed-end loans), or within 30 days of receiving a written request from the borrower following full payment of a loan (with respect to open-end loans). The bill also repeals the 45 day release of lien timing requirement for mortgage lenders and servicers licensed under the Mortgage Bankers and Brokers Act. Licensed mortgage lenders and servicers are now subject to the release of lien timing requirements for non-licensed lenders and servicers. The bill becomes effective July 1, 2018.
See Iowa Legislature website for the full text of the Statutes:
https://www.legis.iowa.gov/docs/publications/LGE/87/HF2232.pdf
