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Code · BILL · 115th Congress · H.R. 6746 (Introduced in House) — To protect American taxpayers and homeowners by creating a sustainable housing finance system for the 21st century, a... · Sec. 332

Sec. 332. Legal effect of registration with Repository

143 words·~1 min read·/bill/115/hr/6746/ih/section-332

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Notwithstanding any provision of State or Federal law to the contrary, by proper demonstration of registration with the Repository, any holder of an interest in any mortgage-related note shall satisfy any requirement for demonstration of a right to act regarding such note or other registered data that exists in State or Federal law, including any obligation to produce or possess an original note. The Director shall provide for the establishment of procedures for proper demonstration of registration of any mortgage-related document and of an interest by the holder of an interest in any such document with the Repository.
Once registered with the Repository, such registration shall be a legal right enforceable in any judicial or nonjudicial process. Nothing in this section shall be construed as preempting any State or local law requiring a mortgage-related document to be recorded in the appropriate local jurisdiction.
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