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Mortgage Servicing and Loan Modifications: INDIANA

Ind. Code §§ 32-29-1-6, 32-29-1-7, 32-29-11-1

Requirements: Upon mortgagor’s request mortgagee shall release, discharge, and enter satisfaction in record or deliver to mortgagor certificate of satisfaction to be recorded. Cf. § 24-4.5-1-301.5(8) as to applicability to mortgages.

Mortgage Servicing and Loan Modifications: IOWA

Iowa Code § 655.1, 655.3

Requirements: Mortgagee to record release within thirty days of payment in full. § 655.1. Mortgagee who fails to discharge mortgage under § 655.1 liable for actual damages, $500 penalty, and attorney fees. § 655.3.

Mortgage Servicing and Loan Modifications: KANSAS

Kan. Stat. Ann. § 58-2309a

Requirements: Mortgagee or assignee who fails to enter satisfaction, within twenty days of written demand by certified or registered mail, is liable in civil action for $500 and any proven additional damages plus attorney fees.

Mortgage Servicing and Loan Modifications: KENTUCKY

Ky. Rev. Stat. Ann. § 382.365 (West)

Requirements: Release of lien required within thirty days of satisfaction. Where noncompliance without good cause follows written request made in person or by certified mail, final lien holder or assignee liable for attorney fees and damages, the amount dependent on time elapsed from date of notice.

Mortgage Servicing and Loan Modifications: LOUISIANA

La. Stat. Ann. § 9:5385

Requirements: Mortgagee or servicing agent or any holder to produce instrument for release within thirty days of written demand; noncompliance results in liability for damages and attorney fees. Mortgagee to deliver documentation for cancellation of mortgage to mortgagor within sixty days of payment; upon failure to do so mortgagor may proceed to have satisfaction recorded by submission of affidavit by authorized party and fifteen-day written notice to mortgagee. § 9:5167.1.

Mortgage Servicing and Loan Modifications: MAINE

Me. Stat. Ann. tit. 9-A, § 9-307(3) (First Lien Mortgages)

Requirements: Creditor shall deliver written evidence of payment in full within thirty days of satisfaction. Civil action allowed seeking damages for noncompliance, no less than $250 and no more than $1000, plus costs and attorney fees. § 9-405. Fines and criminal penalties for knowing and willful violations. § 9-407. Mortgagor may have discharge recorded by attorney’s submission of affidavit. Tit. 33, § 553-A.

Mortgage Servicing and Loan Modifications: MASSACHUSETTS

Mass. Gen. Laws ch. 183, § 55

Requirements: Within forty-five days of payment, holder must record discharge and provide copy of discharge to payoff agent, or provide discharge for recording with a notice as specified. Liability for noncompliance: only actual damages if compliance within thirty days of written demand for compliance; the greater of $2500 or actual damages, costs and attorney fees. Defenses available to holder are specified. Discharge by affidavit of attorney is available where noncompliance.

Mortgage Servicing and Loan Modifications: MICHIGAN

Mich. Comp. Laws § 565.44

Requirements: Upon payment and request, holder must register discharge within sixty days (seventy-five days for period prior to Dec. 27, 2006), liability for non-compliance is $1000 plus actual damages; court may award double damages in civil action.

Mortgage Servicing and Loan Modifications: MINNESOTA

Minn. Stat. § 47.208

Requirements: Any holder is to deliver satisfaction to payer within forty-five days of payment and of receipt of written request; liability to payer for noncompliance is civil penalty up to $500 and actual damages. See also § 507.41 (liability for actual damages if failure to discharge within ten days of written request).

Mortgage Servicing and Loan Modifications: MISSOURI

Mo. Rev. Stat. §§ 443.130, 443.170

Requirements: If no release submitted for recording within forty-five days of written request by certified mail, return receipt requested, mortgagee is liable for the lesser of the amount of $300 for each day after the 45th day that release is not recorded or 10% of the loan amount, plus court costs and attorney fees. Upon failure to provide release within thirty days, holder’s personal representative is liable for 10% of mortgage amount.

Mortgage Servicing and Loan Modifications: MONTANA

Mont. Code Ann. § 71-1-212

Requirements: Where failure to deliver certificate of release within ninety days after request, mortgagee, representative, or assignee is liable for $500 and actual damages.

Mortgage Servicing and Loan Modifications: NEBRASKA

Neb. Rev. Stat. §§ 76-252, 76-2803, 45-737(7)

Requirements: Where failure to deliver certificate of release in recordable form within sixty days after receiving full payment and written request, secured party or party licensed as mortgage banker (see § 45-702) is liable for the greater of $5000 or actual damages, plus attorney fees and costs.

Mortgage Servicing and Loan Modifications: NEW HAMPSHIRE

N.H. Rev. Stat. Ann. § 397-A:15(V)

Requirements: Payoff amount as of specific date, with a daily interest rate charge, to be provided within five days of receipt of written request. Penalties: misdemeanor, fines, license revocation or suspension. § 397-A:20.

Mortgage Servicing and Loan Modifications: NEW YORK

N.Y. Real Prop. Law § 274-a(2) (McKinney)

Requirements: Holder, assigns, or persons to whom payments are required to be made must provide payoff statement within thirty days of bona fide written request as specified; noncompliance results in liability for actual damages.

Mortgage Servicing and Loan Modifications: NORTH CAROLINA

N.C. Gen. Stat. § 45-36.7

Requirements: Borrower may request statement for a specified date not more than thirty days after request given; creditor to deliver statement within ten days of request. For noncompliance creditor is liable for actual damages and, if those are unpaid within thirty days of receipt of demand, costs and attorney fees. No charge for initial request, but $25 fee allowed for each additional request during any six-month period.

Mortgage Servicing and Loan Modifications: NORTH DAKOTA

N.D. Cent. Code § 35-03-18

Requirements: Mortgage servicer upon written request must provide amount for date specified as to payoff amount and escrow accounts. No fee. If noncompliance within seven days of receipt of request and if closing postponed due to delay, servicer liable for resulting damages.