Sec. 331. Organization and operation
407 words·~2 min read·
/bill/113/hr/2767/ih/section-331·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Under such regulations as the Director may prescribe, the Utility shall organize and operate a national mortgage data repository ( Repository ). In addition to organizing and operating the Repository, the Utility shall— establish and operate a repository for mortgage-related documents; establish standards for qualification of any depositor of mortgage-related documents to the Repository; establish standards and procedures for submission of mortgage-related documents to the Repository, including required information and the type and format of information and data; establish procedures for validation of mortgage-related documents and the data contained in the Repository; establish standards and procedures for acceptance of mortgage-related documents (including electronic copies), and notice of acceptance, by the Repository; establish standards and procedures for registration of any mortgage-related document with the Repository, including notice of registration and the assignment of a unique identifier; establish standards and procedures for recording the creation, assignment, or transfer of an interest in any registered mortgage-related document; establish standards and procedures for qualification of depositors and participants in the Repository; establish procedures for proper demonstration of registration of mortgage-related documents with the Repository and recordation of an interest by the holder of an interest in any such document, subject to regulations issued by the Director in accordance with section 332 (relating to legal effect of registration with the Repository); establish and maintain a catalog of the mortgage-related documents registered with the Repository; establish standards and procedures for disposition of mortgage-related documents, including safekeeping, long-term storage, or destruction of paper documents; establish standards and procedures for making data publicly available; ensure that data collected and maintained by the Repository are kept secure and protected against unauthorized disclosure, including disclosure of personally identifiable information that is not otherwise available as part of any public record; establish a process, including notification from the public, for identification and correction of incorrect information submitted to or maintained by the Repository; establish fees for registration of mortgage-related documents and maintenance and use of data, and for the provision of other related services not inconsistent with the purposes of this subtitle; and perform any other service or engage in any other activity that the Director determines, by regulation or order, to be incidental to the activities enumerated in this subsection.
Each participant shall— comply with such requirements as may be set by the Repository for using data maintained or created by the Repository; and use such designation as the Repository may provide, such as a unique identifier.