87R1032 SRA-D     By: Miles S.B. No. 360       A BILL TO BE ENTITLED   AN ACT   relating to the release of a deed of trust or other contract lien   securing a home loan after direct payoff by mortgagor.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter B, Chapter 343, Finance Code, is   amended by adding Section 343.107 to read as follows:          Sec. 343.107.  RELEASE OF LIEN AFTER DIRECT PAYOFF BY   MORTGAGOR. (a)  In this section, "mortgage servicer," "mortgagee,"   and "mortgagor" have the meanings assigned by Section 51.0001,   Property Code.          (b)  This section does not apply to a payment of a home loan   made on behalf of a mortgagor by a title insurance company or an   authorized title insurance agent.          (c)  Not later than the 45th day after the date a mortgage   servicer or mortgagee, as applicable, receives full payment of a   home loan from a mortgagor in accordance with a payoff statement   requested by and furnished directly to the mortgagor, the mortgage   servicer or mortgagee shall:                (1)  deliver to the mortgagor a release of the deed of   trust or other contract lien securing the home loan; or                (2)  file with the appropriate county clerk's office a   release of the deed of trust or other contract lien.          SECTION 2.  To the extent of a conflict between Section   343.107, Finance Code, as added by this Act, and a provision of a   home loan agreement entered into before the effective date of this   Act, the provision of the home loan agreement prevails.          SECTION 3.  This Act takes effect September 1, 2021.