Final answer:
Release factors bind to stop codons on an mRNA molecule during translation, triggering the release of the newly synthesized polypeptide and the dissociation of the translation complex for reuse.
Step-by-step explanation:
The component that binds to stop codons on an mRNA during translation is the release factor. The release factor recognizes stop codons (UAA, UAG, or UGA) and, upon alignment with the A site on the ribosome during the termination phase of translation, instructs peptidyl transferase to add a water molecule to the end of the growing polypeptide chain. This action releases the polypeptide, and then the ribosomal subunits dissociate from the mRNA and each other, becoming available for another round of translation.